Terex Rebuffs Zoomlion Takeover

Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday.

📅   Wed January 27, 2016 - National Edition


Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday.
Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday.

Bloomberg Business is reporting that Terex received an unsolicited takeover bid from China's Zoomlion Heavy Industry Science & Technology Co.

Tuesday from the Westport, Connecticut-based company. That values Terex at about $3.3 billion, data compiled by Bloomberg show. Terex has entered into a confidentiality agreement with Zoomlion and is in discussions regarding the proposal, according to the statement.

Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday, asking not to be identified as the situation is private. While Zoomlion hasn't abandoned its interest in Terex, it's unclear if the Chinese company will improve its offer, the people said.