DGAP-News: Terex Industrial Holding AG: TEREX TO INCREASE OFFER PRICE TO EUR45.50 PER SHARE; WELCOMES DEMAG CRANES RECOMMENDATION TO SHAREHOLDERS FOR ACCEPTANCE
(firmenpresse) - DGAP-News: Terex Industrial Holding AG / Key word(s): Acquisition
Terex Industrial Holding AG: TEREX TO INCREASE OFFER PRICE TO EUR45.50
PER SHARE; WELCOMES DEMAG CRANES RECOMMENDATION TO SHAREHOLDERS FOR
ACCEPTANCE
16.06.2011 / 07:57
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Contact Information:
Tom Gelston Alistair Hammond
Vice President, Investor Relations CNC Communications
Phone: +1 203-222-5943 Phone: +49-89-599 458 126
Email: thomas.gelston(at)terex.com Email: alistair.hammond(at)cnc-
communications.com
TEREX TO INCREASE OFFER PRICE TO EUR45.50 PER SHARE;
WELCOMES DEMAG CRANES RECOMMENDATION TO SHAREHOLDERS FOR ACCEPTANCE
- Offer price increased to EUR45.50 in cash per share
- Management and Supervisory Boards of Demag Cranes have agreed to
recommend the increased offer
- Offer remains subject to 51% acceptance threshold
- Tender offer period expires on June 30, 2011
WESTPORT, CT, June 16, 2011 - Terex Corporation (NYSE: TEX) ('Terex') and
Terex Industrial Holding AG are pleased to announce an agreement with Demag
Cranes AG ('Demag Cranes') for a recommended offer to purchase the shares
of Demag Cranes at an increased price of EUR45.50 per share. Terex, Terex
Industrial Holding AG and Demag Cranes have also entered into a business
combination agreement that confirms Terex's support for the strategy of
Demag Cranes and its workforce as a part of the Terex group. As a result,
the management and the supervisory boards of Demag Cranes have publicly
announced that they will jointly recommend that the Demag Cranes
shareholders accept the offer.
Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, said 'We are
pleased to have reached an agreement with the management of Demag Cranes
that provides an excellent basis for the future joint success of Terex and
Demag Cranes. Our businesses are highly complementary and the combination
has compelling industrial logic for all of our collective stakeholders.'
Mr. DeFeo continued, 'Demag Cranes products are competitive and innovative.
The company is professionally managed, with highly motivated staff, and
Terex will draw on this for both Demag Crane's ongoing success and the
future of Terex as a whole. We look forward to capitalizing upon our
strengths and working with Demag Cranes' management and employees to
continue to grow the business globally.'
The increased price to be offered by Terex Industrial Holding AG of
EUR45.50 per share represents an approximately 25% premium to the closing
share price of EUR36.30 on April 29, 2011 and a 28% premium to the
three-month volume-weighted average share price of EUR35.56 as of April 29,
2011. The new offer price further represents a 53% premium to the last
undisturbed share price prior to the speculation regarding possible
takeover interest in Demag Cranes of EUR29.65 on October 6, 2010. Terex
believes the recommended offer at the increased price is very attractive to
Demag Cranes' shareholders and in the best interest of both companies.
The tender offer continues to carry a minimum acceptance level condition
of not less than 51% of all Demag Cranes shares outstanding. The offer
period, which commenced on Thursday, May 19, 2011, has not been changed and
is still set to expire on June 30, 2011 at 24:00 hours local time Frankfurt
am Main / 18:00 hours local time New York.
Terex Industrial Holding AG will publish the amendment to the offer
document on its website http://www.industrialholding-angebot.de in due time
on June 16, 2011 and keep available copies of the amended offer document
for distribution free of charge at Commerzbank AG, ZCM-ECM Execution,
Mainzer Landstrasse 153, 60327 Frankfurt am Main (fax: + 49 69 136-44598).
The announcement about the availability of copies of the amended offer
document for distribution free of charge will be published on June 16, 2011
in the electronic Federal Gazette.
###
Further Information
This press release is for informational purposes only and is not an offer
to buy or the solicitation of an offer to sell any Demag Cranes shares. The
offer to buy Demag Cranes shares is only made pursuant to, and is subject
to the terms and conditions set out in, the offer document approved by the
German Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht, BaFin) as formally amended on June 16, 2011.
The offer document and the amendment of the offer document are both
available at www.industrialholding-angebot.de. A non-binding English
translation of the offer document and of the amendment of the offer
document, which have not been reviewed by the BaFin, are available on that
website as well. Shareholders of Demag Cranes are strongly advised to
carefully read in full the published offer document as published on May 19,
2011 and the amendment of the offer document published on June 16, 2011, as
well as all other publications and notifications of Terex Industrial
Holding AG in connection with the takeover offer. D.F. King&Co., Inc. has
been retained to serve as the information agent.
About Terex
Terex Corporation is a diversified global manufacturer operating in four
business segments: Aerial Work Platforms, Construction, Cranes, and
Materials Processing. Terex manufactures a broad range of equipment for use
in various industries, including the construction, infrastructure,
quarrying, mining, shipping, transportation, refining, energy and utility
industries. Terex offers financial products and services to assist in the
acquisition of Terex equipment through Terex Financial Services. Terex uses
its website to make information available to its investors and the market
at www.terex.com.
About Demag Cranes
Demag Cranes AG is one of the world's leading suppliers of industrial
cranes and crane components, harbor cranes and terminal automation
technology. Services, in particular maintenance and refurbishment, are
another key element of Demag Cranes' business activities. Demag Cranes is
divided into the business segments Industrial Cranes, Port Technology and
Services and has strong and well-established 'Demag' and 'Gottwald' brands.
Demag Cranes sees its core competence in the development and construction
of technically sophisticated cranes and hoists as well as automated
transport and logistics systems in ports and terminals, the provision of
services for these products and the manufacture of high-quality components.
Forward Looking Statements
This press release contains forward-looking information based on the
current expectations of Terex Corporation. Because forward-looking
statements involve risks and uncertainties, actual results could differ
materially. Such risks and uncertainties, many of which are beyond the
control of Terex, include those factors that are more specifically set
forth in the public filings of Terex with the Securities and Exchange
Commission. Actual events or the actual future results of Terex and Demag
Cranes may differ materially from any forward looking statement due to
those and other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this press release.
Terex expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in this
press release to reflect any changes in expectations with regard thereto or
any changes in events, conditions, or circumstances on which any such
statement is based.
###
Terex Corporation
200 Nyala Farm Road, Westport, Connecticut 06880
Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com
End of Corporate News
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128724 16.06.2011
Datum: 16.06.2011 - 07:57 Uhr
Sprache: Deutsch
News-ID 34392
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