Terex formalises US$1.25bn approach on Demag
Offering €41.75 (US$61.96) per share, which values the company at €883.9m (US$1.25bn), Demag shareholders have until June 30, 2011 to tender their shares. The Terex offer is subject to a 51% acceptance threshold.
The offer price represents a premium of approximately 41% on the pre-takeover speculation share price of €29.65 (US$44) in October last year, and a premium of 15% on the closing price at the end of April, 2011 of €36.30 (US$53.87).
This latest move follows the hostile takeover bid by Terex directly to the German crane manufacturer’s shareholders for the outstanding share capital early this month after talks with its German competitor apparently failed.
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