Terex Now Holds 72.81% Of Demag Cranes

Date : 07/05/2011 @ 5:34AM
Source : Dow Jones News
Stock : Terex Corp. (TEX)
Quote : 35.66  2.57 (7.77%) @ 4:02PM

Terex Now Holds 72.81% Of Demag Cranes

Terex (NYSE:TEX)
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U.S. construction machinery maker Terex Corp (TEX) has now secured 72.81% stake in Demag Cranes (D9C.XE), a mandatory statement from Terex's Germany-based subsidiary Terex Industrial Holding AG said Tuesday.

The document also stated that the shareholders have an additional acceptance period of two weeks to take the offer, which is until July 19.

On Friday, Terex said it received about 67% of Demag Cranes' shares under its revised tender offer, completing a two-month-long process to acquire the German crane manufacturer.

Terex needed 51% of Demag's shares to complete the deal.

Terex's original offer of EUR41.75 a share on May 2 was panned by Demag executives and the company's major shareholders as severely undervaluing the company, which later led Terex to raise the offer to EUR45.50.

At 0900 GMT shares of Demag Cranes traded +0.1% at EUR45.25.

-By Neetha Mahadevan, Dow Jones Newswires; +49 69 2972 5507; neetha.mahadevan@dowjones.com




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