China’s Zoomlion has raised the economic value of the offer to acquire Terex

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 Terex Corp. China’s Zoomlion Heavy Industry Science & Technology Co. has elevated the economic value of non-binding advanced earlier this year for the acquisition of Terex Corporation, a US company that manufactures lifting equipment, a proposal which was initially based on a price of $ 30 for each share of Terex and which has now been raised to $ 31 (28 January 2016). The takeover attempt of Zoomlion conflicts with the merger that Terex has in place with Finland’s Konecranes (12 August 2015).

Terex has announced that its board of directors, in consultation with the company’s legal and financial advisors, has determined to carry on negotiations with Zoomlion to reach final terms of the offer so check the possibility of obtaining a ‘ binding offer by the Chinese group that can present a high level of assurance to complete the transaction.

Terex however, that according to the agreements with the Finnish group could not reach an agreement with Zoomlion before a possible rejection by its shareholders for the proposed merger with Konecranes, it stressed that its Board of Directors has not changed its decision on the recommendation to support the plan to merge with Konecranes.

For its part Konecranes stressed to continue to believe that the merger of equals with Terex represents an extremely interesting opportunity for both companies