Did our favorite David vs Goliath story just end?!?!
Arctic Cat JUST announced they’re going to be acquired by Textron….
Here’s the juicy part of the press release:
Arctic Cat Announces Agreement to Be Acquired by Textron in $247 Million All-Cash Transaction
Delivers substantial all-cash premium to Arctic Cat shareholders;
Textron committed to continued, long-term growth of Arctic Cat;
Combined businesses better positioned to be powersports industry leader
MINNEAPOLIS–(BUSINESS WIRE)–Jan. 25, 2017– Arctic Cat Inc. (NASDAQ: ACAT) today announced that it has signed a definitive merger agreement under which Textron Inc. (NYSE: TXT) will acquire Arctic Cat in a cash transaction valued at approximately $247 million, plus the assumption of existing debt. Under the terms of the agreement, which was unanimously approved by the Arctic Cat board of directors, Textron, through a wholly owned subsidiary, will commence a tender offer to purchase all outstanding shares of Arctic Cat at $18.50 per share in cash, representing a 40.7 percent premium to the closing price of Arctic Cat’s common stock on January 20, 2017. Arctic Cat anticipates that tender offer materials will be provided to shareholders no later than February 7, 2017. The completion of the acquisition is subject to customary conditions and regulatory approvals.
So what does this mean for all our favorite Arctic Cat side by sides?!
Here’s what “they” say:
“Arctic Cat will become part of Textron’s Specialized Vehicles business, maintaining its iconic Arctic Cat brand, as well as its current manufacturing, distribution and operational facilities, with a focus on growing the business. Arctic Cat and Textron Specialized Vehicles have complementary product portfolios of recreational, utility and specialized vehicles. The combined businesses will be well positioned to be a powersports industry leader with a wider product line-up, and allow for more aggressive investment in product development, dealer networks, marketing and customer service.”
Ok, so who the heck is Textron?!
“About Textron Specialized Vehicles Inc.
Textron Specialized Vehicles Inc. is a leading global manufacturer of golf cars, utility and personal transportation vehicles, professional turf-care equipment, and ground support equipment. Textron Specialized Vehicles markets products under the E-Z-GO®, Cushman®, Textron Off Road™, Jacobsen®, Dixie Chopper®, Ransomes®, TUG™, Douglas™, Premier™ and Safeaero™ brands. Its vehicles are found in environments ranging from golf courses to factories, airports to planned communities, and theme parks to hunting preserves.”
We really don’t know what to think yet. And since AC has essentially cut us off we don’t expect them to answer our questions.
We’ll update this as more info comes along, but if we were to guess this would be why there have been delays in the 2017 Wildcat lineup plus delays on the Wildcat XX front. Not only that, but we strongly believe that this won’t go on as it did before.
Until then, feel free to check out everything we have on social media where we simply WON’T let the spirit of the Wildcat die: