Danish industrial group Danfoss A/S plans to acquire the remaining 24 percent stake in Sauer-Danfoss Inc. that it does not already own.

The deal is valued at about $580 million, Reuters reported. Based in Ames, Sauer-Danfoss makes engineered hydraulic and electronic components such as hydrostatic transmissions, orbital motors and steering components.

The offer price of $49 per share represents a premium of 24 percent to Sauer-Danfoss' Tuesday close, Danfoss said in a regulatory filing.

Shares of Sauer-Danfoss closed at $52.72 on the New York Stock Exchange on Wednesday, indicating investors were expecting a higher offer.

In a statement issued later in the day, Sauer-Danfoss said its board has established a special committee to consider the offer.