The Street dug the news that agricultural equipment manufacturer Gehl Co. had retained Robert W. Baird & Co. to explore strategic alternatives, including a sale of the company. On the May 9 announcement, $95 million market Gehl’s stock rose nearly 11%, or $1.69, before closing at $17.40. At press time Gehl’s shares closed at $17.77. The company also announced that Newcastle Partners L.P. and CIC Equity Partners Ltd., which recently reiterated their $18-per-share, or $96 million, offer, would be invited to participate in the process on the same terms as other interested parties. Newcastle and CIC first bid on Gehl on Dec. 22.
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