Toyota Industries Completes Acquisition of Cascade Corporation
OREANDA-NEWS. Toyota Industries Corporation and Cascade Corporation announced that TICO has successfully completed its acquisition of Cascade for USD 65.00 per share in a transaction valued at approximately USD 760 million.
The transaction creates a leading global materials handling business with a wider spectrum of high-quality and innovative products related to the lift truck business. While wholly owned, Cascade will continue to be based in Fairview, Oregon and will operate as an independent subsidiary of TICO. Cascade's strict policies on confidentiality regarding competitive information will remain unchanged. TICO recognizes and respects the importance of this policy to customers and to the continued success of the business.
TICO completed the acquisition of Cascade through a tender offer and a short-form merger, without a vote or meeting of Cascade's shareholders. In the merger, each outstanding share of Cascade's common stock not purchased in the tender offer or otherwise owned by TICO was converted into the right to receive the same \\$65.00 consideration that was provided in the tender offer, less any required withholding taxes and without interest.
Cascade's common stock will cease to be traded on the NYSE. TICO intends to de-register Cascade's common stock as promptly as practicable following the effective time of the merger.
Nomura Securities is serving as exclusive financial advisor to TICO and White & Case LLP is serving as legal advisor in connection with the transaction. BofA Merrill Lynch is serving as exclusive financial advisor to Cascade, and Miller Nash LLP is serving as Cascade's legal advisor.
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