Baird served as a joint book-running manager in this offering
AboutTitan Machinery Inc. (NASDAQ: TITN) (“Titan” or the “Company”) recently completed a follow-on offering of common stock at a price of $28.75 per share. The underwriters exercised, in full, their option to purchase up to an additional 360,000 shares to cover over-allotments, resulting in a total sale of 2,760,000 shares of common stock, generating gross proceeds of approximately $79.4 million. The Company intends to use the net proceeds from the offering for general and administrative expenses and the acquisition of, or investment in, properties, companies, or assets that complement its business.
Titan Machinery Inc., headquartered in West Fargo, North Dakota owns and operates a network of full-service agricultural and construction equipment stores in the United States. Upon closing of the previously announced acquisitions of the St. Joseph’s construction equipment dealerships and Carlson Tractor and Equipment dealerships, the Titan Machinery network will consist of 87 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wisconsin and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE:CNH), a majority-owned subsidiary of Fiat Industrial (Milan:FI.MI), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital.
For additional information about this transaction, please contact:
- May 2011
- Titan Machinery Inc.
- Target Geography
- North America
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