Market Overview

Textron Inc. Announces Completion of Initial Offering Period and Intent to Exercise Top Up Option and Complete Merger


Textron Inc. (NYSE:TXT) announced today the successful completion of the
cash tender offer by Aces Acquisition Corp. ("Purchaser"),
an indirect wholly owned subsidiary of Textron, for all of the issued
and outstanding shares of common stock (the "Shares")
of Arctic Cat Inc. (NASDAQ:ACAT), which expired at 5:00 p.m., New York
City time, on March 3, 2017.

Wells Fargo Bank, N.A., the depositary for the tender offer, has
indicated that, as of the expiration of the tender offer, 10,320,282
Shares had been tendered into and not properly withdrawn from the tender
offer. These Shares represent approximately 79% of the outstanding
Shares and 73% of the Shares on a fully diluted basis (as determined
pursuant to the Agreement and Plan of Merger, dated January 24, 2017
(the "Merger Agreement"), among Textron,
Purchaser and Arctic Cat). In addition, the depositary has received
commitments to tender approximately 344,208 Shares in accordance with
the guaranteed delivery procedures, which, when combined with the Shares
tendered and not properly withdrawn from the tender offer, represent
approximately 82% of the outstanding Shares and 75% of the Shares on a
fully diluted basis (as determined pursuant to the Merger Agreement).
All Shares that were validly tendered into the tender offer and not
properly withdrawn have been accepted for payment.

Textron announced that Purchaser intends to exercise its option (the "Top
Up Option
") under the Merger Agreement to purchase directly from
Arctic Cat an additional number of Shares that when combined with the
Shares purchased in the tender offer will represent at least one Share
more than 90% of the Shares on a fully diluted basis (as determined
pursuant to the Merger Agreement). Textron then intends to cause
Purchaser to effect a "short-form" merger under Minnesota law as
promptly as practicable following the exercise of the Top Up Option,
without the need for a meeting of the shareholders of Arctic Cat.

As a result of the merger, each outstanding Share (other than Shares
owned by (a) Textron or Purchaser or any other subsidiary of Textron or
(b) any shareholder of Arctic Cat who is entitled to and properly
demands and exercises dissenters' rights with respect to such Shares
pursuant to, and complies in all respects with, the applicable
provisions of Minnesota law) will at the effective time of the merger be
converted into the right to receive $18.50, payable net to the holder
thereof in cash, without interest, subject to any withholding of taxes
required by applicable law.

After the merger, Arctic Cat will be an indirect wholly owned subsidiary
of Textron, the Shares will cease to be traded on the NASDAQ and Arctic
Cat will no longer have reporting obligations under the Securities and
Exchange Act of 1934, as amended.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global
network of aircraft, defense, industrial and finance businesses to
provide customers with innovative solutions and services. Textron is
known around the world for its powerful brands such as Bell Helicopter,
Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO,
Greenlee, Textron Off Road, Textron Systems, and TRU Simulation +
Training. For more information visit:

Certain statements in this press release may describe strategies,
goals, outlook or other non-historical matters; these forward-looking
statements speak only as of the date on which they are made, and we
undertake no obligation to update them. These statements are subject to
known and unknown risks, uncertainties, and other factors that may cause
our actual results to differ materially from those expressed or implied
by such forward-looking statements.

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