Chinese Firm Zoomlion Makes Unsolicited Offer To Acquire Terex Corp.
January 28, 2016
China-based equipment manufacturer Zoomlion Heavy Industry Science and Technology Co. has made an unsolicited offer to acquire U.S.-based Terex Corp., possibly upsetting a merger of the company with Finland-based Konecranes. Terex on Jan. 26 said Zoomlion has offered to buy the company for $30 a share, roughly twice Terex’s stock valuation. In a press release, the company said its board of directors has not changed its recommendation to merge with Konecranes, but it has begun a confidential evaluation of Zoomlion’s proposal. Terex’s planned merger with Konecrane is to be an all-stock deal that would create a company with an estimated $10 billion in sales. The deal would redomicile the headquarters of the newly formed Konecranes Terex to Finland for more favorable corporate tax rates.