Demag Cranes (D9CGn.DE) recommended that its shareholders accept an offer by Terex (TEX.N) after the U.S. construction machinery maker sweetened its bid. Demag said on Wednesday that the offer, which Terex last week increased to 45.50 euros per share in cash from 41.75 euros, valuing Demag at 963 million euros ($1.4 billion), is financially adequate. It had already said last week it welcomed the raised offer and expected to recommend it. The German maker of industrial cranes and port automation technology said Terex supported Demag's growth strategy and had made a binding commitment to safeguard jobs and sites.
Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX traded higher by 4.4% or $1.15/share to $27.31. In the past year, the shares have traded as low as $16.79 and as high as $38.50. On average, 2028070 shares of TEX exchange hands on a given day and today's volume is recorded at 1253555.
Source
