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Tadano Ltd. has announced that it has entered into a definitive agreement to acquire all remaining shares of Manitex International, Inc., not already owned by Tadano. The deal, finalized on September 12, 2024, will see Tadano purchase Manitex at $5.80 per share, valuing the acquisition at approximately $223 million, including debt.
The acquisition, which will be carried out through a reverse triangular merger with Lift SPC, Inc., a wholly owned Tadano subsidiary, will make Manitex a wholly owned subsidiary of Tadano. This strategic move aims to enhance Tadano's portfolio, particularly in truck loader cranes and aerial work platforms, and support its mid-term management plan’s growth strategy.
The transaction is expected to close in Q1 2025, pending shareholder and regulatory approvals. Following the completion, Manitex will be delisted from Nasdaq.
