Oshkosh Truck (OSK) to Acquire JLG Industries for $28 Per Share

October 16, 2006 7:27 AM EDT
Oshkosh Truck Corporation (NYSE: OSK) has signed a definitive agreement to acquire JLG Industries, Inc. (NYSE: JLG), a leader in aerial work platforms and telehandler vehicles. Oshkosh will acquire all outstanding shares of JLG for $28 per share. Total consideration, including transaction costs and assumed debt, is $3.2 billion in cash on a fully diluted basis.

JLG had $2.3 billion in revenues during fiscal 2006 and has estimated a 20 to 25 percent increase in sales in fiscal 2007. The transaction is expected to be modestly accretive to Oshkosh's earnings per share in fiscal 2007 after giving effect to estimated non-cash charges relating to amortization of acquired intangibles and other one-time accounting and transaction-related costs.

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