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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; djnews.frankfurt@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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