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CNH Global‘s Board of Directors received a proposal from Fiat Industrial regarding a combination transaction between the two companies that would form a combined holding company.
The proposed merger was suggested in a letter sent on May 30 by Sergio Marchionne, chairman of Fiat Industrial S.p.A., to the Board of Directors of CNH.
The Board of Directors of CNH expects to evaluate the proposal through a committee of independent directors which would retain independent financial and legal advisers to assist it, according to a CNH press release.
The CNH Board of Directors of CNH advises the company’s shareholders and others considering trading in its securities that it has not yet evaluated the proposal and that there is “no assurance that the proposal will lead to any definitive offer, that any agreement will be reached or that any transaction will be consummated.”
At this stage, no action by the company’s shareholders is required. CNH notes notes in the press release that further announcements will be made by the company “when and as appropriate.”