Textron adds ATV company to its stable

A Textron subsidiary has completed the offer to acquire all outstanding shares of Arctic Cat in a deal valued at $247 million in cash, plus debt.

The subsidary, Aces Acquisition Corp., is paying $18.50 per share for about 79 percent of Arctic Cat’s outstanding shares and 73 percent of the shares on a fully diluted basis. It will purchase directly from Arctic Cat enough additional shares to reach 90 percent. That will allow it to effect a “short-form” merger under Minnesota law, without the need for an Arctic Cat shareholder meeting.

The owners of the remaining 10 percent of shares will receive $18.50 per share for their shares.

Arctic Cat, based in Minneapolis, Minn., designs, engineers, manufactures and sells all-terrain vehicles, side-by-sides and snowmobiles under the Arctic Cat and Motorfist brand names.

This story was originally published March 6, 2017 at 9:05 AM with the headline "Textron adds ATV company to its stable."