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German crane maker Demag Cranes AG (D9C.XE) Thursday said Terex Corp. (TEX) has agreed to increase its takeover offer to EUR45.50 per share from EUR41.75 per share, as part of a business agreement that ensures broad operational and strategic autonomy to Demag Cranes even after Terex acquires a majority interest in it.
Demag's executive board said it is confident it will be able to recommend that the company's shareholders accept the improved offer, pending a formal evaluation which Demag's executive and supervisory boards will present by June 22.
The deal between Terex Industrial Holding AG, a Terex subsidiary, and Demag includes "detailed commitments for the period after a possible integration of Demag Cranes into Terex Group," Demag said in a statement.
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