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Friday, March 1, 2013

Sauer-Danfoss agrees to increased offer from Danfoss, (NYSE: SHS)

Danish industrial group Danfoss A/S will purchase the 24.4 percent of Sauer-Danfoss Inc it does not already own after increasing its bid to value the U.S. company at $2.83 billion.Danfoss increased its offer to $58.50 per share from $49 bid in November.A Sauer-Danfoss special committee, which was formed after the initial bid, approved the new offer unanimously, Sauer-Danfoss said on Friday.Danfoss said the deal, which does not require antitrust approval, is expected to close in the second quarter.

Shares of SHS remained unchanged at $54.12. In the past year, the shares have traded as low as $33.16 and as high as $55.95. On average, 107578 shares of SHS exchange hands on a given day and today's volume is recorded at 463500.