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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; firstname.lastname@example.org