Manitou Group in Takeover of Leading U.S. Rough Terrain Equipment Manufacturer

September 11, 2008

Cleary Gottlieb is representing the Manitou Group in its tender offer to acquire all the shares of Gehl Company. The all-cash $30 per share price offered by Manitou, which already owns 14.4% of Gehl, is based on a $450 million enterprise value for Gehl. The deal, expected to close after the receipt of regulatory clearances and the completion of a merger following the tender offer, will combine leading manufacturers of rough terrain handlers (all-wheel-steer loaders and telescopic handlers) from different sides of the Atlantic.

Manitou, headquartered in France, engages in the design, manufacture and distribution of material handling equipment serving the construction, agriculture and industrial sectors. With its 23 manufacturing and distribution subsidiaries, Manitou is a global leader in rough terrain equipment.

Gehl Company, headquartered in Wisconsin and founded in 1859, is a manufacturer of compact equipment used worldwide in construction and agricultural markets.