Demag Cranes (D9CGn.DE) rejected an 880 million euro ($1.3 billion( offer by Terex (TEX.N), putting the U.S. construction machinery maker under pressure to raise its bid. "The Management Board and Supervisory Board of Demag Cranes AG regard the offered price of 41.75 euros (per share) to be inadequate from a financial point of view," the German crane maker said on Tuesday. Demag was put in play in October when Finnish group Konecranes (KCR1V.HE) made an approach. It has since rebuffed approaches from both Terex and Konecranes. This month, Terex took its cash offer directly to shareholders and said it would still welcome the opportunity to talk to the company.
Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX remained unchanged at $29.05. In the past year, the shares have traded as low as $16.79 and as high as $38.50. On average, 2091710 shares of TEX exchange hands on a given day and today's volume is recorded at 0.
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