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Manitex International, Inc. (MNTX) on September 12, 2024, entered into a merger agreement to be acquired by Tadano Ltd. in an all-cash deal valued at $223 million, including debt.
Under the terms of the agreement, Manitex shareholders will receive $5.80 per share in cash, representing a premium of 52.23% from the stock’s last close.
Manitex is a company that makes mobile cranes, lifting equipment, and construction machinery, serving industries like construction, energy, and infrastructure. They design and build their products in North America and Europe.
Tadano, based in Tokyo, Japan, is a major company that makes lifting equipment like hydraulic cranes, aerial work platforms, and truck loader cranes. Since it started in 1948, Tadano has become a top producer of mobile cranes and other lifting tools, known for its emphasis on safety, quality, and efficiency in serving customers around the world.
Once the transaction is complete, Manitex’s shares will no longer be traded on Nasdaq or any other public market.
“The acquisition by Tadano will help mitigate cyclical risk while providing Manitex with scale and broader international scope. We will benefit from access to technology, production synergies, and working capital,” said Michael Coffey, CEO of Manitex.
The deal is expected to close early in the first quarter of 2025.
Manitex’s current EV/EBITDA (TTM) ratio is 5.83, below the sector median of 13.14.
For a more comprehensive look at this merger and acquisition transaction, visit the Deal Metrics page at:
Deal Metrics for the acquisition of Manitex International, Inc. (MNTX) by Tadano Ltd.
The comprehensive Deal Metrics page includes:
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Editor’s Note: Baranjot Kaur contributed to this article