ASV Holdings Inc., a leading provider of rubber-tracked compact track loaders and wheeled skid steer loaders in the compact construction equipment market, announced that at a special meeting of stockholders on Sept. 4, ASV’s stockholders voted to adopt the merger agreement pursuant to which ASV will be acquired by Yanmar America Corp. in an all-cash transaction, which was first announced on June 27, 2019.
7,998,119 shares were voted in favor of the proposal to adopt the merger agreement, representing approximately 80.7% of the outstanding shares of ASV’s common stock entitled to vote at the special meeting and approximately 99.9% of the shares voted at the special meeting. ASV will file the final voting results with the Securities and Exchange Commission on a Current Report on Form 8-K.
Under the terms of the merger agreement, each share of ASV common stock will be converted into the right to receive $7.05 in cash, without interest. The transaction is expected to close on Sept. 11, 2019, subject to customary closing conditions. Upon the closing of the transaction, ASV common stock will be de-listed from the Nasdaq Capital Market.
With roots dating to 1983 with the founding of ASV, ASV Holdings, Inc. is a designer and manufacturer of compact construction equipment headquartered in Grand Rapids, MN. With beginnings in Osaka, Japan, in 1912, Yanmar was the first to succeed in making a compact diesel engine of a practical size in 1933. Then, with industrial diesel engines as the cornerstone of its enterprise, Yanmar has continued to expand its product range, services, and expertise to deliver total solutions as an industrial equipment manufacturer.