Alamo acquisition of Bandit called off

Bandit Industries said it had turned down the acquisition offer from Alamo Group and will remain privately owned by current owners Jerry Morey, Mike Morey Sr. and Dianne Morey.

The company said it will continue to explore options for a potential sale of the company.

Bandit said it had decided that the best future for the company was to remain a private company. Alamo said the two parties had been “unable to reach an agreement on a basis going forward.”

“Alamo is an exceptional company and we are very honoured that they’ve shown such an interest in Bandit and our corporate culture,” said Jerry Morey, Bandit's president.

“We share many common ideas and visions, and we are grateful for the relationships we’ve built. Ultimately, we decided the best future for Bandit and our 400 employees at this time was to remain a private company.”

The two companies announced in mid-November that they had signed a letter of intent for Alamo to acquire Bandit.