Terex “To Move Forward” In Negotiations With Zoomlion

By pdamon23 March 2016

he twists and turns involving Terex Corp. just keep coming.

Today, Terex announced that it has received a revised non-binding proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $31 per share in cash. The proposal is conditioned on, among other things, receipt of U.S. and Chinese regulatory approval and Zoomlion shareholder approval.

The Terex board of directors has determined to pursue negotiations of definitive terms with Zoomlion to ascertain whether it can obtain a binding proposal from Zoomlion which provides for a high degree of closing certainty. There can be no assurance that a satisfactory proposal can be achieved, Terex said.

At the same time, Terex said its board has not changed its recommendation in support of the proposed combination with Finland’s Konecranes. Until such time as Terex’ existing agreement with Konecranes is terminated, Terex said it is prohibited from entering into an agreement with Zoomlion. Without agreement from Konecranes, Terex may not terminate its existing agreement unless and until Terex shareholders vote upon, and fail to approve, the Konecranes transaction or Terex is otherwise entitled to terminate under its agreement with Konecranes.

Earlier reporting of the Terex-to-Zoomlion-or-Konecranes saga can be found here, here, here and here.

MAGAZINES
NEWSLETTER
Delivered directly to your inbox, Diesel News Network newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
CONNECT WITH THE TEAM
Mike Brezonick VP, Power Division Tel: +1 262 754 4112 E-mail: mike.brezonick@khl.com
Alister Williams VP Sales Tel: +1 843 637 4127 E-mail: alister.williams@khl.com
CONNECT WITH SOCIAL MEDIA
Latest News
Danfoss finalises Eaton hydraulics deal
Move will see the Danfoss Group grow in size by a third
Daimler OKs truck spin-off, e-manufacturing sites
Truck business to become an independent company, German plants solidify electrification portfolios
Dana, Switch Mobility partner on electric commercial vehicles
Dana to invest in vehicle manufacturer as well as supply key components