Danfoss A/S and
Sauer-Danfoss Inc. on Friday announced a definitive merger agreement for
Danfoss to acquire the 24.4 percent of Sauer-Danfoss common shares not already
owned by Danfoss and its affiliates for $58.50 per share in cash. The
Sauer-Danfoss board of directors approved the transaction based on the
unanimous recommendation of a special committee made up solely of independent
directors, the companies said in a press release. Under the terms of the
agreement, Danfoss will commence a tender offer within 10 business days. The
board also declared a dividend of 35 cents per share for the first quarter. A
global manufacturer of mobile hydraulics, Sauer-Danfoss' U.S. headquarters is
based in Ames.