January 14, 2008 / 12:46 PM / 10 years ago

Terex to Acquire ASV for $488 mln

Jan 14 (Reuters) - U.S. mining equipment manufacturer Terex Corp (TEX.N) agreed to buy ASV Inc ASVI.O, a maker of rubber track loaders, for about $488 million, to expand its product base.

Under the deal, ASV shareholders will get $18 for each share they own, a 46 percent premium to ASV’s Friday closing price of $12.29 on the Nasdaq.

The deal, expected to close by the end of the first quarter of 2008, will add about $220 million to 250 million in Terex’s annual sales, the company said in a statement. (Reporting by Aditi Samajpati in Bangalore)

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