Manitou to acquire Gehl

French-based material handling equipment manufacturer Manitou will acquire compact equipment manufacturer Gehl, in a transaction valued at $450 million. Manitou, Gehl’s largest shareholder, will purchase the company for $30 per share, a 120-percent premium over the company’s closing price on September 5, 2008.

The tender offer will remain open until October 20, 2008. Gehl’s management team is expected to remain in place, company officials stated.