(By Balaseshan) CNH Global NV (NYSE:CNH), a manufacturer of farm and construction equipment, said it has formed a special committee to evaluate the merger proposal from the Italian truckmaker Fiat Industrial S.p.A.
The merger transaction requires the approval of the special committee, comprised of the independent and unconflicted members of the company's board of directors.
The special committee of independent and unconflicted directors consists of Thomas Colligan, Edward Hiler, Rolf Jeker, Kenneth Lipper and Jacques Theurillat.
The committee has engaged Cravath, Swaine & Moore LLP, De Brauw Blackstone Westbroek N.V. and Bonelli Erede Pappalardo as its legal advisors, and J.P. Morgan and Lazard as its financial advisors.
During the end of May, Fiat, which owns more than 88% of CNH Global, put forth its merger proposal to CNH, and shift its focus towards North America.
CNH is trading down 2.02% at $36.94 on Thursday. The stock has been trading between $22.19 and $47.74 for the past 52 weeks.