On July 11, Doosan Bobcat announced plans to merge with Doosan Robotics, however the OEM is now backing down from that plan, according to a letter to Doosan Bobcat shareholders.
In the letter CEO and Vice Chairman Scott Park said, “Through the proposed integration with Doosan Robotics, we intended to advance our work in autonomous machines and artificial intelligence, while creating smarter, more capable machines for construction, landscaping, agriculture and logistics industries.
“We continue to believe that the proposal would support sustainable long-term growth and represent a valuable opportunity to align both shareholder interest and the Company’s objectives.”
However, according to Park, some of Doosan Bobcat’s stakeholders “shared critical views and diverse opinions.” After thorough review and internal discussions, the Board of Directors decided on Aug. 29., to withdraw the proposed comprehensive share exchange, he said.
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