Davis Polk & Wardwell is advising Banc of America Securities LLC as dealer manager for a Dutch auction self-tender offer by The Toro Company to repurchase 2,500,000 of its shares. The Toro Company is a Minnesota-based provider of outdoor maintenance and beautification products for home, recreation and commercial landscapes.
According to the terms of the tender offer, Toro will offer between $56.50 and $60.00 per share, or a total of $141.3 million to $150 million if the maximum number of shares are purchased. The tender offer is expected to commence during the week of March 15, 2004, and extend through mid-April.
The Davis Polk corporate team includes partner Diane G. Kerr and associate Nathaniel Greenwald, both of the New York office.
