Manitex International, Inc. (NASDAQ: MNTX) share are experiencing a strong surge on the US stock charts this morning after news of a takeover bid emerged. MNTX stock was trading 47.24% higher at $5.61 as of the most recent market check.
Substantial Premium For Manitex Shareholders
Manitex declared that a final merger agreement with Tadano Ltd. had been signed. In accordance with the terms of the agreement, Tadano will acquire Manitex for an all-cash price of $223 million, which also includes the company’s current debt, and an equity value of $123 million. The deal gives MNTX shareholders $5.80 in cash per share, which is a substantial 52.2% premium over the closing share price of $3.81 on September 11, 2024.
Furthermore, the purchase price is 47.9% higher than the volume-weighted 30-day average price of Manitex shares through September 11, 2024. The consummation of this transaction will result in Manitex’s shares being immediately and conclusively cash valued for stockholders, since they will no longer be listed for public trading on NASDAQ or any exchange.
How MNTX Will Benefit From The Deal?
This acquisition by Tadano Ltd. is expected to provide Manitex with increased scale and a broader international presence, while also mitigating cyclical risks. The merger will grant MNTX access to advanced technology, production synergies, and enhanced working capital. These factors will significantly support the company’s strategic objectives, positioning the company and Tadano as leading providers of lifting equipment solutions across the construction, infrastructure, and industrial markets.
Dealer Network Expansion
In a related development, the company recently expanded its dealer network by signing a dealership agreement with First Fleet Truck Sales, one of Florida’s largest truck crane upfitters. This strategic partnership will enable First Fleet to sell and support PM Group knuckle boom cranes and Manitex aerial work platforms. The collaboration aligns with its “Elevating Excellence” strategy, aimed at expanding its market share in Florida and enhancing its world-class support network.
