Sauer-Danfoss committee supports cash tender offer

AMES, Iowa

Sauer-Danfoss Inc. on Friday said a special committee of its board of directors recommended that the company's shareholders accept a cash tender offer of $13.25 per share from its parent company, Danfoss A/S.

Danfoss currently owns 75.7 percent of Sauer-Danfoss shares and it is seeking to acquire the remaining 24.3 percent. Danfoss recently raised its bid for Sauer-Danfoss from its initial offer of $10.10 per share announced on Dec. 22.

Sauer-Danfoss, based in Ames, Iowa, makes hydraulic, electric and electronic systems and components. Danfoss, based in Denmark, makes valves and fluid handling components for air conditioning, heating and industrial applications.

Shares of Sauer-Danfoss fell a penny at $13.20 in afternoon trading.