Westport Country Playhouse presents ROMEO & JULIET, October 31-November 19
Westport Young Woman's League CraftWestport, November 4-5, Staples High School
Quick Center: Compagnie Hervé Koubi in What the Day Owes to the Night Breathtaking, gravity-defying dance that transcends. Thursday  October 19  2017 8:00 P.M.
Your 24/7 News Source

Tuesday, January 26, 2016

Terex Shares Jump on Chinese Takeover Offer

Shares of Westport’s Terex Corp. jumped almost 37 percent today after the company said it had received an unsolicited takeover offer from a Chinese company.

WestportNow.com Image

The maker of cranes and heavy construction equipment said the offer of $30 per share came from China’s Zoomlion Heavy Industry Science and Technology Co.

Terex shares closed at $20.50, up $5.49, or 36.58 percent, after trading as high as $23.98 during the afternoon.

Some Wall Street analysts noted that the stock was trading well below the offer price, indicating doubt that the deal has much chance of happening in its present form.

Terex said it signed a confidentiality agreement with Zoomlion and its board is reviewing the proposal. It said it would not comment further until the review is complete.

Terex said the proposal is conditioned on, among other things, receipt of U.S. and Chinese regulatory approval and Zoomlion shareholder approval.

In August, Terex said it would merge with Finnish company Konecranes PLC in a deal that would have Terex shareholders controlling 60 percent of the new company and Konecranes the rest. (See WestportNow Aug. 11, 2015)

Terex said today that its board had not changed its recommendation to combine with Konecranes.

Wall Street analysts said while there was a large premium with the Chinese offer, Terex shares had traded just under $30 as recently as last May.


Posted 01/26/16 at 05:29 PM  Permalink


You must have a Facebook account and be logged to this account (login/logout button above) to post comments. Comments are subject to our Comment Policy.