Japan-based Toyota Industries Corp. said Thursday that it has completed its acquisition of U.S.-based Cascade Corp. (CASC) for $65.00 per share in a deal valued at about $760 million.
The deal was originally announced in October 2012.
The deal creates a global materials handling business with a wider spectrum of high-quality and innovative products related to the lift truck business. While wholly owned, Cascade will continue to be based in Fairview, Oregon and will operate as an independent subsidiary of Toyota Industries.
Toyota Industries completed the acquisition of Cascade through a tender offer and a short-form merger, without a vote or meeting of Cascade's shareholders. In the merger, each outstanding share of Cascade's common stock not purchased in the tender offer or otherwise owned by Toyota Industries was converted into the right to receive the same $65.00 consideration that was provided in the tender offer, less any required withholding taxes and without interest.
Cascade's common stock will cease to be traded on the NYSE. Toyota Industries plans to de-register Cascade's common stock as promptly as practicable following the effective time of the merger.
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