Toyota Industries completes Cascade tender offer
Toyota Industries completes offer for Cascade shares, puts the deal a step closer to closing
NEW YORK (AP) -- Japanese transportation equipment company Toyota Industries Corp., a sister company of automaker Toyota Motor Corp., said Thursday that it completed its tender offer for shares of Cascade Corp., putting its purchase of the company a step closer to closing.
Toyota Industries agreed to buy the company for $65 per share, valuing it at about $759 million. At the time the company's tender offer expired on Wednesday, it had acquired about 10.3 million, or about 92 percent, of Cascade's outstanding shares.
In addition the anti-trust waiting period related to the deal expired on Tuesday and regulators informed the companies on Wednesday that they had decided to close their anti-trust investigation.
Toyota Industries makes lift trucks, parts for autos and some vehicles for Toyota Motor. U.S. parts maker Cascade is one of its suppliers.
Toyota Industries said Thursday that it will promptly pay for the shares tendered in the offer and complete the acquisition. Once that happens, Cascade shares will stop trading on the New York Stock Exchange.
Cascade will continue to be based in Fairview, Ore., and will operate as a subsidiary of Toyota Industries.