The major shareholder of Kverneland, the Norwegian maker of farming implements, has reportedly sold its shares to Kubota, giving the Japanese tractor maker the upper hand in acquiring control of the firm.
Kubota, the Japanese maker of industrial machinery, raised its offer for Kverneland ASA to 1.62 billion kroner ($276 million), trumping counter bids from CNH Global NV (CNH) and Chery Heavy Industries Co. Ltd.
Farm machinery manufacturer CNH Global NV (CNH) is considering its next move after its $246 million offer for Norwegian farm implement maker Kverneland ASA (KVEGF, KVE.OS) was topped by rival bidder Kubota Corp. (KUB, 6326.TO) of Japan, said a person familiar with the matter Wednesday.
Adam Fleck, analyst for Morningstar, is studying the activity surrounding Kubota and CNH's bids to acquire ag implement maker Kverneland. Here's was his take on it as of Tuesday.
According to published reports, Hoober Inc., a Case IH and Kubota dealer in Pennsylvania and Delaware, has acquired Chambersburg Farm Service in Chambersburg, Pa.
Neil Messick, Co-Owner, Brian Messick, President, and Jay Gainer, General Manager, discuss how the Messick’s dealership has grown over the past 75 years to now employ 350 people.
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