Bidding For Gehl May Heat Up AgainBy
The buyout action at Gehl (GEHL), a maker of agricultural and light-construction implements, is far from over. A month after this column reported on Nov. 27 that Gehl was a buyout target, a group led by CIC Investments and Newcastle Partners made an offer of 18 a share. The stock was then at 11 and has since gone up to 14. But the board rejected the offer outright, arguing that 18 "was not sufficient to measure up to the value it believes is available from pursuing other approaches."
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