They didn't drive up a valuation. They almost gave it away before they ran out of cash, they were hemorrhaging money, had lost their leadership team, and couldn't squeeze it much harder. As the smallest OEM they simply got drained by the EPA regs, competing R&D investments, and inventory writedowns. Cat's demise started in the 2000's when they culled their dealers and stuffed those they kept with excess inventory. They bet on volume and scale and lost the bet. The Textron deal was Twomey's last ditch effort to keep the brand alive after he wiped out the management team. He did/does love the brand, despite being a beancounter at heart. If big Tex ditches the brand we'll all be worse off, regardless of whether we ride cats or not. A cat dealer meeting must be like a funeral wake now after the Bass Pro deal for wheelers.