Terex Corp. has received an unsolicited, non-binding acquisition proposal from China\u2019s Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $30.00 in cash. The proposal is conditioned on, among other things, receipt of U.S. and Chinese regulatory approval and Zoomlion shareholder approval.<\/p>\n
Terex announced last August that it had entered into a Business Combination Agreement with Finland-based Konecranes Plc providing for a combination of Terex and Konecranes. The Terex board of directors has not changed its recommendation of the proposed combination with Konecranes.<\/p>\n
Terex acknowledged it has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. Consistent with its fiduciary duties, the Terex board of directors, in consultation with its legal and financial advisors, is carefully reviewing the Zoomlion proposal to determine the course of action that it believes is in the best interests of Terex shareholders. Terex will have no further comment until the board has completed its review.<\/p>\n
Credit Suisse Securities (USA) LLC and Moelis & Company are serving as financial advisors to Terex and Fried Frank Harris Shriver & Jacobson LLP, Bryan Cave LLP and Avance Attorneys Ltd are acting as legal counsel to Terex.<\/p>\n
Zoomlion is believed to be China\u2019s second largest construction equipment manufacturer, valued at about $4.4 billion.<\/p>\n
Terex stock, which closed Friday at $15.49, has jumped 37.1 percent to $21.24 as of 2 p.m. EST Jan. 26.<\/p>\n","protected":false},"excerpt":{"rendered":"