Alamo Group acquires rotary cutter and mower maker Bush Hog in all-stock deal
By APFriday, September 4, 2009
Alamo Group to acquire Bush Hog
SEGUIN, Texas — Agriculture and road maintenance equipment maker Alamo Group Inc. said Friday that it agreed to acquire Bush Hog LLC, an outdoor equipment producer, in an all-stock transaction.
CC Industries Inc., owner of Bush Hog, will receive 1.7 million shares of Alamo Group stock, representing 14.5 percent of Alamo’s common stock. At Friday’s closing price of $13.87 the deal would be valued at $23.6 million. The deal is expected to close in 90 days.
Selma, Ala.-based Bush Hog makes rotary cutters, mowers and other landscaping tools and will become part of Alamo’s North American agricultural division.
CC Industries will also receive a seat on Alamo’s board of directors.
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