Fiat Industrial sweetens CNH merger offer
MILAN (AP) -- Fiat Industrial has sweetened its offer for a full merger with its U.S. subsidiary, the farm equipment maker CNH Global N.V.
Fiat Industrial said in a statement Monday that its "best and final offer" incudes a cash dividend of $10 per CNH share -- which it said improves the deal's value by 25 percent. Under the deal proposed last spring, each CNH shareholder would receive 3.828 shares of the merged company while each Fiat Industrial shareholder would receive one share.
Fiat Industrial improved the offer after CNH advisers failed to back the original deal. Fiat Industrial, which already controls 88 percent of CNH, said the deal will be revoked if the advisers don't recommend it by midnight EST Wednesday. It wants a merger by this Sunday.
Copyright 2012 The AP.