Special Committee of CNH Board Says Fiat Proposal is Inadequate
The Special Committee of the Board of Directors of CNH Global
(NYSE: CNH), in consultation with our financial and legal advisors, has carefully evaluated Fiat Industrial S.p.A.'s (OTC: FIATY) proposal of May 30, 2012 regarding a potential strategic combination between FI and CNH. Based on the information made available to us, as well as the opinions of our financial advisors, J.P. Morgan Securities LLC and Lazard, we have unanimously concluded that the Proposal is inadequate and would not be in the best interests of CNH and its shareholders. The Proposal requires the recommendation of the Special Committee, and the Special Committee has unanimously determined not to recommend the Proposal.
The Special Committee remains available to evaluate any alternatives to the Proposal should FI elect to advance any such alternatives.