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German crane manufacturer Demag Cranes AG (D9C.XE) said Tuesday its management and supervisory boards unanimously recommend that shareholders reject an offer by Terex Industrial Holding AG, a unit of Terex Corp. (TEX).
Terex had offered shareholders EUR41.75 per Demag Cranes share, in an unsolicited takeover bid worth up to EUR884 million.
Terex presented the offer on May 2.
On May 16, Terex Corp. (TEX) Chairman and Chief Executive Ron DeFeo said he had no plans to raise the offer for German crane manufacturer Demag Cranes AG (D9C.XE).
-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; email@example.com