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Demag Board Set To Reject Terex Offer Soon - Sources

By Eyk Henning and Nico Schmidt Of DOW JONES NEWSWIRES FRANKFURT -(Dow Jones)- The board of German crane maker Demag Cranes AG (D9C.XE) is expected to reject the unsolicited takeover bid worth EUR884 million from U.S. construction machinery maker Terex Corp. (TEX) as early as Tuesday, two people familiar with the matter told Dow Jones Newswires Monday. The two people said the board's view that the offer is too low is backed by a fairness opinion provided by investment banks on behalf of the Duesseldorf-based company. One person noted that the offer doesn't reflect the real value of the company and added that Demag Cranes could revise its full-year outlook as business has picked up in recent weeks. It remains uncertain, however, if Terex would consider raising the EUR41.75 a share offer after Chief Executive Ronald DeFeo was quoted in a recent media interview as saying that he would "rather not have Demag (if it means) having to pay too much." Demag's management isn't entirely opposed to a takeover. The former management in 2008 and 2009 approached private-equity firms to suggest a takeover, but talks collapsed, another person said, confirming a report from Financial Times Deutschland Monday. -By Eyk Henning and Nico Schmidt, Dow Jones Newswires; +49 (0)69 29725 108; eyk.henning@dowjones.com

Stock News for Terex (TEX)
DateTimeHeadline
04/29/201615:06:46Amended Current Report Filing (8-k/a)
04/28/201617:27:29Current Report Filing (8-k)
04/27/201617:32:05Quarterly Report (10-q)
04/27/201608:44:30Filing of Certain Prospectuses and Communications in Connection...
04/26/201617:33:00Terex Announces First Quarter 2016 Results
04/26/201616:59:34Current Report Filing (8-k)
04/15/201606:01:39Current Report Filing (8-k)
04/14/201615:03:00Terex Corporation Announces First Quarter 2016 Financial Results...
04/08/201615:54:47Statement of Changes in Beneficial Ownership (4)
04/08/201615:53:33Statement of Changes in Beneficial Ownership (4)
04/08/201615:52:30Statement of Changes in Beneficial Ownership (4)
04/08/201615:51:07Statement of Changes in Beneficial Ownership (4)
04/08/201615:49:00Statement of Changes in Beneficial Ownership (4)
04/07/201614:49:50Additional Proxy Soliciting Materials (definitive) (defa14a)
04/01/201615:22:43Proxy Statement (definitive) (def 14a)
03/24/201613:22:28Filing of Certain Prospectuses and Communications in Connection...
03/23/201616:05:00Terex Corporation to Move Forward with Negotiations With Zoomlion...
03/14/201612:31:32Filing of Certain Prospectuses and Communications in Connection...
03/13/201621:10:00Blackstone Nears Deal to Sell Hotel Portfolio to Anbang
03/11/201616:57:01Statement of Changes in Beneficial Ownership (4)

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