Crosby Group to acquire KITO Corporation
The Crosby Group and KITO Corporation have received regulatory clearances for Crosby to commence a cash tender offer to acquire all outstanding shares of KITO.
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The cash tender offer price represents a premium of 64.3 percent compared to KITO’s undisturbed closing share price on May 13, the last trading day before the transaction was originally announced. The offer will commence on Sept. 26 and the transaction is expected to close in the first quarter of 2023.
Crosby is a provider of lifting and rigging solutions, and KITO Corporation is a manufacturer of material handling equipment with 90 years of experience in the development and production of hoists and cranes.
“Pairing our highly complementary product portfolios gives our global customer base access to a broad range of lifting and material handling solutions from one trusted source,” said Robert Desel, CEO of The Crosby Group. “Together we will create compelling value for our stakeholders globally. KITO Corporation shares our core values of safety, reliability, and innovation, and we look forward to completing this process.”
Yoshio Kito, CEO of KITO Corporation said, “We are pleased to have received the necessary regulatory clearances. We believe this combination creates excellent value for all stakeholders, and we are excited to build upon a combined business to better serve our customers, team members, and communities. This combination will allow us to grow as a global business and provide our customers with expanded, best-in-class product offerings, with the same dedication and support to which they are accustomed.”
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