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Demag Says Terex Offer Too Low, Raises FY11 Guidance

FRANKFURT -(Dow Jones)- German crane manufacturer Demag Cranes AG (D9C.XE) said Tuesday it advised shareholders to reject an unsolicited takeover offer by Terex Industrial Holding AG a unit of Terex Corp. (TEX), because it is too low, and raised guidance for the fiscal year ending Sept. 30. MAIN FACTS: -Demag Cranes now sees sales of around EUR1.06 billion in fiscal 2011, up from a previous forecast of EUR1.02 billion to EUR1.05 billion. -It also said the earnings before interest and tax margin will be around 6.4%, above the previous projection of 6.1% to 6.5%. -On May 2, Terex had offered shareholders EUR41.75 per Demag Cranes share, in an unsolicited takeover bid worth up to EUR884 million. -Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

Stock News for Terex (TEX)
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