Alamo Group (ALG) to Acquire Assets From Bush Hog
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Alamo Group Inc. (NYSE: ALG) has signed an agreement to acquire the majority of the assets and assume certain liabilities of Bush Hog, LLC (“Bush Hog”), a designer, manufacturer, distributor and servicer of rotary cutters and other agricultural implements and equipment.
The purchase consideration is 1.7 million shares of Alamo Group Inc. common stock which, after the closing, would represent approximately 14.5% of the outstanding common stock of Alamo Group. The purchase includes substantially all of the ongoing business of Bush Hog, including the Bush Hog brand name and all related product names and trademarks. The purchase is expected to close within 90 days, assuming customary regulatory approvals and the completion of other standard requirements.
Based in Selma, Alabama, Bush Hog principally sells its products across North America through a network of independent dealers and distributors. Bush Hog had fiscal 2008 revenue of $160 million. Their product line includes rotary cutters, finishing mowers, zero turn mowers, front-end loaders, backhoes, landscape equipment and a variety of other implements. [SM]
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