Demag Cranes Meets Minimum Acceptance for Terex’s Buying Offer
Terex Corp., Westport, Conn., announces that the minimum acceptance level of 51 percent for the voluntary public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG at EUR 45.50 (65.83 USD) per share has been exceeded. Terex also received early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the offer, and it has formally filed the transaction with the European Commission.
Preliminary information indicates that the offer was accepted for a total of at least 14 million shares of Demag Cranes by the end of the acceptance period. This corresponds to approximately 67 percent all outstanding shares, and approximately 68 percent together with the shares previously purchased by Terex Industrial Holding AG. The final result is expected to be available on or about July 5, 2011.
According to the German Securities Acquisition and Takeover Act, shareholders of Demag Cranes who have not accepted the offer during the acceptance period will have the opportunity to tender their shares during an additional acceptance period of two weeks following the publication of the final tender results. The completion of the offer still remains subject to several other conditions, primarily the merger control clearance by the European Commission.