Konecranes has been notified by Terex Corporation (“Terex”) of a revised non-binding conditional proposal by Zoomlion Heavy Industry Science and Technology Company to acquire all of the outstanding shares of Terex for US$31 per share in cash.
Terex stated in a press release: “The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval.
“The Terex Board of Directors, in consultation with its legal and financial advisors, has determined to pursue negotiations of definitive terms with Zoomlion to ascertain whether it can obtain a binding proposal from Zoomlion which provides for a high degree of closing certainty. There can be no assurance that a satisfactory proposal can be obtained.
“The Terex Board of Directors has not changed its recommendation in support of the proposed combination with Konecranes. Until such time as Terex’ existing agreement with Konecranes is terminated, Terex is prohibited from entering into an agreement with Zoomlion.
“Without agreement from Konecranes, Terex may not terminate its existing agreement unless and until Terex shareholders vote upon, and fail to approve, the Konecranes transaction, or Terex is otherwise entitled to terminate under its agreement with Konecranes.”
Konecranes continues to believe that the merger of equals with Terex represents an opportunity for both companies and their shareholders.
Konecranes will continue to pursue the merger of equals with Terex in accordance with the Business Combination Agreement and Plan of Merger (“BCA”) between the parties.