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Cascade jumps 18% after being acquired by Toyota Industries

Shares of truck part maker Cascade Corporation (CASC) surged after the company announced earlier a definitive agreement under which Toyota Industries Corporation will acquire 100% of the shares of Cascade for $65 per share in cash. The companies said the transaction, valued at $759M pursuant to a tender offer, has been unanimously approved by the Boards of Directors of both TICO and Cascade and that the transaction is not subject to a financing condition. The merger deal is expected to close by the end of calendar year 2012, the company stated. In early morning trading, Cascade shares rose $9.89, or 17.96%, to $64.97.