On Friday, Danish industrialist Danfoss A/S announced that it is buying the 24.4% portion of Sauer-Danfoss (UNKNOWN:SHS.DL) shares it does not currently own for $58.50 per share, cash. Additionally, before the merger takes place, Sauer-Danfoss shareholders will be paid one final cash dividend of $0.35 per share, payable on March 29.

Danfoss will commence a tender offer within the next 10 business days, inviting Sauer-Danfoss shareholders to tender their shares for payment. Assuming a majority of the owners of the outstanding 24.4% of shares Danfoss does not own do, in fact, tender their shares, and Danfoss winds up with at least a 90% interest in its subsidiary in consequence, then Danfoss will make use of a provision of Danish corporate law to force any shareholders of the remaining, untendered shares to accept a buyout at the $58.50 price.

This transaction is expected to close sometime in Q2 2013.

Shares of Sauer-Danfoss closed up 8.5% Friday on the news, at $58.73, a small discount to the value of the tender offer-plus-expected dividend payout.