GEHL CO
SymbolGEHL

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Gehl Enters into Memorandum of Understanding to Resolve Shareholder Lawsuit

2008-10-14 12:28 ET - News Release


WEST BEND, Wis. -- (Business Wire)

Gehl Company (NASDAQ GSM: GEHL), announced that counsel for the Company’s directors, the Company, Manitou BF S.A. and Tenedor Corporation and counsel for the plaintiff in the purported class action lawsuit in the Circuit Court in and for Washington County, Wisconsin docketed as Chuck Kandel v. William D. Gehl, et al., Case No. 2008-CV-000990 (the “Action”) entered into a Memorandum of Understanding (the “Memorandum”) in which the Company agreed to certain additional disclosures, which disclosures are included in amendments to the Tender Offer Statement, Rule 13e-3 Transaction Statement and amended Schedule 13D Beneficial Ownership Statement on Schedule TO filed by Manitou and Tenedor and the Solicitation/Recommendation Statement on Schedule 14D-9 filed by the Company.

The disclosures were made in exchange for a settlement that will include a release in favor of, among others, all defendants, their agents, financial advisors and insurers of all claims, including known and unknown claims (whether for damages or equitable relief). The settlement contemplated in the Memorandum is contingent upon, among other things, confirmatory discovery as is appropriate and necessary to confirm the fairness and reasonableness of the terms of the settlement, the negotiation of a definitive stipulation of settlement, the closing of the proposed merger of Tenedor and the Company and the entry of an order and judgment by the Circuit Court in and for Washington County, Wisconsin (in substantially the form submitted by the parties or as thereafter modified pursuant to an agreement of the parties) approving the settlement and the stipulation and dismissing the Action on the merits with prejudice, which shall have become final and no longer subject to appeal or review.

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