Terex Corp. receives acquisition proposal from Zoomlion

Terex Corp. received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $30 in cash. According to the company, the proposal is conditioned on receipt of U.S. and Chinese regulatory approval, as well as Zoomlion shareholder approval.

Terex entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. The Terex board of directors is reviewing the Zoomlion proposal to determine a course of action that will best serve the interest of Terex shareholders.

Terex previously announced it had entered into a merger with Konecranes. The Terex board of directors has not changed its recommendation of the proposed combination with Konecranes.

Terex is a lifting and material handling solutions company that serves five business segments, including aerial work platforms, construction, cranes, material handling and port solutions, and materials processing. The company manufactures equipment for the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries.

Logo: Terex