A Toyota Industries Corp (TICO) unit says it further extended the expiration of its tender offer for Cascade shares to 21 March with the consent of Cascade Corp. The extension was disclosed on 28 February.

On 22 October, TICO and Cascade entered into a definitive agreement under which TICO would acquire Cascade for USD759 million.

TICO filed an initial notification on 31 October with the US Federal Trade Commission and the US Department of Justice under the Hart-Scott-Rodino antitrust improvements act and twice withdrew and refiled its notification, most recently on 5 December.

Industrial Components and Attachments II Inc, an indirect wholly owned subsidiary of TICO, extended the tender offer for all outstanding common shares of Cascade for USD65.00 per share. Previously, the offer was scheduled to expire on 28 February.

Both TICO and Cascade received two requests from the antitrust division.

On 15 February, TICO said it certified to the antitrust division substantial compliance with the second request it had received. TICO says it provided a timing commitment under which TICO committed not to close the transaction prior to 30 days without the consent of the division and to provide at least 10 days' notice to the division prior to consummating the Cascade acquisition.

"The transaction is expected to be completed immediately upon receiving regulatory approval from the antitrust division," TICO says in a statement.

Kariya-based TICO is a transportation equipment company engaged primarily in the manufacture and sale of automobiles, materials handling equipment and textile machinery.

Fairview-based Cascade is a manufacturer of materials handling load engagement devices and related replacement parts, primarily for the forklift industry.