Freshfields Advises Terex on Deal with Former Demag Cranes AG

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International law firm Freshfields Bruckhaus Deringer has advised Terex on the squeeze out of the minority shareholders of Terex Material Handling & Port Solutions AG (formerly Demag Cranes AG).

The squeeze out became effective on 21 January 2014 upon its registration in the commercial register. On the same day, the manufacturer of industrial cranes was delisted from the Entry Standard segment of the Frankfurt Stock Exchange. With the cash compensation for the former minority shareholders set at € 60.48 per share, the implied equity value of Terex Material Handling & Port Solutions AG amounted to approx. €1.28bn.

The squeeze out marks the successful completion of the takeover of Terex Material Handling & Port Solutions AG by Terex Corporation, which was initiated in 2011 by the public tender offer for Demag Cranes AG through which Terex Corporation acquired a significant majority stake in the company. Freshfields Bruckhaus Deringer advised Terex during the entire takeover process, which also included the conclusion of a domination agreement, the downlisting from the regulated market (Prime Standard) into the Entry Standard of the Frankfurt Stock Exchange, and the subsequent increase of Terex Corporation’s stake to above 95%.

The Freshfields team comprised corporate partners Gregor von Bonin and Christian E. Decher. The team also comprised corporate associates Christian Kaufmann, Robert Kleba and Thomas Bunz in Düsseldorf as well as Felix Dette in Frankfurt.

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