Jan. 25 (UPI) -- Textron Inc. said Wednesday it will acquire Arctic Cat Inc., maker of snowmobiles and all-terrain vehicles, for $247 million.
Textron, through a subsidiary, will begin a tender offer to buy all outstanding Arctic Cat shares at $18.50 per share. Arctic Cat stock on the New York Stock Exchange opened at $18.50 per share Wednesday, from $13.09 per share on Tuesday. The company, based in Minneapolis, employs about 1,600 people.
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