Zoomlion increases its offer for Terex – Industry News
Zoomlion has increased its offer for Terex to more than £3.4billion by improving the offer to Terex shareholders, Terex, it is reported by Reuters, has responded by asking for $32.75 per share in cash to terminate its merger agreement with Konecranes and agree to sell itself to Zoomlion.
The synergies between Terex and Konecranes in the material handling and port systems could, in the long term, make Terex worth more in the long term than the original Zoomlion offering, so Zoomlion has responded with a better offer to the shareholders.
In the meantime the Konecranes and Terex have temporarily suspended post-merger business integration planning discussions, to focus on their respective businesses and completion of the merger.
Zoomlion currently has a market value of 31.8 billion yuan ($4.9 billion). Over the last twenty years it has acquired significant stakes in six other companies in five countries and has a presence in more than 80 countries.