Textron commenced a tender offer for all of the issued and outstanding shares of common stock of Arctic Cat for $18.50 per share, payable net to the holder in cash, without interest, subject to any withholding of taxes required by applicable law.

The tender offer was made pursuant to an offer to purchase, dated February 2, 2017, and in connection with the previously announced agreement and plan of merger, dated January 24, 2017, among Textron, Textron’s acquisition subsidiary and Arctic Cat.

The tender offer will expire on March 3, 2017, at 5:00 p.m., New York City time, unless extended in accordance with the merger agreement and the applicable rules and regulations of the Securities and Exchange Commission.

The tender offer is subject to customary conditions, including the tender of at least one share more than 50% of the outstanding shares (calculated on a fully-diluted basis). Arctic Cat’s board of directors has approved the transaction and unanimously recommended that its shareholders tender their shares pursuant to the tender offer.