Danfoss A/S  and Sauer-Danfoss Inc. on Friday announced a definitive merger agreement for Danfoss to acquire the 24.4 percent of Sauer-Danfoss common shares not already owned by Danfoss and its affiliates for $58.50 per share in cash. The Sauer-Danfoss board of directors approved the transaction based on the unanimous recommendation of a special committee made up solely of independent directors, the companies said in a press release. Under the terms of the agreement, Danfoss will commence a tender offer within 10 business days. The board also declared a dividend of 35 cents per share for the first quarter. A global manufacturer of mobile hydraulics, Sauer-Danfoss' U.S. headquarters is based in Ames.