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Terex Offer For Demag Cranes To Run Out 2200 GMT; Needs Final Spurt

FRANKFURT -(Dow Jones)- U.S. crane maker Terex Corp.'s (TEX) has until 2200 GMT to attain the necessary 51% majority in Germany's Demag Cranes AG (D9C.XE), but on Wednesday afternoon the U.S. company had secured only about 11.5% in shares, it said Thursday. It isn't uncommon for shareholders to become active only shortly before the end of the offer period. If, however, Terex fails to secure a stake of at least 51% by midnight in Germany, its takeover attempt will fail. A final result can only be expected after the long weekend in the U.S., as it will take a while for the complete data to be transferred. Demag Cranes was resisting Terex's takeover attempts for weeks, until the U.S. company last week raised the offer price to EUR45.50 a share from a former offer of EUR41.75 a share. In addition, Terex has promised that there will be no forced layoffs at Demag for three years, and agreed to the preservation of four production sites for five years. The management and supervisory boards of Demag Cranes have recently approved Terex's amended takeover offer. -By Nico Schmidt, Dow Jones Newswires; +49 69 29725 500; [email protected]

Stock News for Terex (TEX)
DateTimeHeadline
01/18/201706:04:52Current Report Filing (8-k)
01/17/201719:42:00Terex Corporation Announces Pricing of Senior Notes Offering
01/17/201708:50:00Terex Corporation Commences Cash Tender Offer for up to $550...
01/17/201708:26:00Terex Corporation Announces Proposed Senior Notes Offering
01/17/201708:18:40Current Report Filing (8-k)
01/17/201708:03:15Current Report Filing (8-k)
01/12/201712:14:59Statement of Changes in Beneficial Ownership (4)
01/10/201712:53:41Statement of Changes in Beneficial Ownership (4)
01/10/201712:53:16Statement of Changes in Beneficial Ownership (4)
01/10/201712:51:58Statement of Changes in Beneficial Ownership (4)
01/10/201712:49:45Statement of Changes in Beneficial Ownership (4)
01/10/201712:45:46Statement of Changes in Beneficial Ownership (4)
01/10/201706:05:14Current Report Filing (8-k)
01/04/201717:56:00Terex Corp. Announces $300 Million Partial Redemption of 6% Senior...
01/04/201714:18:00Terex Completes the Sale of Its Material Handling and Port Solutions...
01/03/201717:07:55Amended Statement of Beneficial Ownership (sc 13d/a)
12/30/201611:11:31Current Report Filing (8-k)
12/22/201613:52:39Statement of Changes in Beneficial Ownership (4)
12/19/201616:30:05Statement of Changes in Beneficial Ownership (4)
12/15/201618:02:50Statement of Changes in Beneficial Ownership (4)

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