According to a report from Reuters News Service, Kverneland ASA announced that following the disclosure of Kubota Corp.'s voluntary offer to acquire all shares of the the company, Kverneland has received a letter from CNH Global N.V. in which it is informed that CNH Global may consider making a competing conditional voluntary offer for all of the shares in Kverneland with an anticipated offer price of NOK 9.50 in cash per share. Kubota was offering NOK 8.50. (ow.ly/82KCW)
The letter is a non-binding indication of interest in working toward a binding offer. A binding offer letter from CNH Global will be subject to a reasonably satisfactory outcome of a confirmatory due diligence to be completed on December 22, 2011 and a binding offer letter, if made, is intended to be made on December 23, 2011.
Based on current available information, CNH Global anticipates that the offer will be subject to, among others, more than 67% of Kverneland's outstanding shares being tendered pursuant to the offer. Kverneland will allow CNH Global to conduct the requested due diligence. Kubota Corp. has been informed about CNH Global's interest. Further, Kubota has a right to match a potential binding offer from CNH Global and such matching offer must be announced by Kubota within 5 business days following Kubota’s receipt of a binding offer and information that the board of directors of Kverneland considers the offer to be superior to the offer from Kubota (if applicable).