U.S. crane maker Terex (TEX.N) launched a takeover for Demag Cranes (D9CGn.DE) on Monday, pushing shares in its German rival up 23 percent and past its offer price as investors anticipated a bidding battle ahead. Terex announced its proposed offer directly to shareholders after Demag management turned its back on talks. Terex said it would offer 41.75 euros per Demag Cranes share in cash, valuing its bid at 884 million euros ($1.31 billion), and said the minimum acceptance threshold would be 51 percent. The offer represents a 15 percent premium to Demag's closing price on Friday, Terex said. Analysts said they expected Terex would have to raise its offer price to clinch the deal.
Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX remained unchanged at $34.78. In the past year, the shares have traded as low as $16.79 and as high as $38.50. On average, 2330320 shares of TEX exchange hands on a given day and today's volume is recorded at 0.
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