China’s Zoomlion Makes Unsolicited $3.3B Bid for Terex
Terex Corp. reports it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all Terex outstanding shares. The proposal is conditioned on receipt of U.S. and Chinese regulatory approval and Zoomlion shareholder approval, reports seekingalpha.com.
Terex previously announced that it had entered into a business combination agreement with Konecranes Plc . The Terex board has not changed its recommendation of the proposed combination with Konecranes.
Terex has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. Consistent with its fiduciary duties, the Terex Board of Directors, in consultation with its legal and financial advisors, is carefully reviewing the Zoomlion proposal to determine the course of action that it believes is in the best interests of Terex shareholders. Terex will have no further comment until the Board has completed its review.
Credit Suisse Securities (USA) LLC and Moelis & Company are serving as financial advisors to Terex and Fried Frank Harris Shriver & Jacobson LLP, Bryan Cave LLP and Avance Attorneys Ltd are acting as legal counsel to Terex.