Zoomlion Trying To Buy Terex

Terex Corp. said that it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $30.00, in cash, or about $3.3 billion. The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval.

Terex previously announced that it had entered into a business combination agreement with 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 an that process will apparently continue.

Terex said 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, the company said. Terex said it will have no further comment until the board has completed its review.