Terex increased the offer price from EUR 41.75 to EUR 45.50 per share on 16 June, representing a 29.3% premium on the three-month volume-weighted average share price before announcement of the tender offer. The Management Board and Supervisory Board of Demag Cranes AG had recommended that shareholders should accept the improved offer. Prior to this recommendation, Terex had pledged far-reaching autonomy to Demag Cranes under a Business Combination Agreement and provided extensive guarantees to safeguard locations and jobs. By that agreement, Demag Cranes, after the takeover by Terex, will remain an independent operating segment within Terex Group, pursuing its existing business activities. Strategic and operating responsibility for the business will remain with the Demag Cranes AG Management Board. Demag Cranes retains its Düsseldorf headquarters and has obtained a five-year site preservation guarantee for its German production sites in Wetter, Düsseldorf, Uslar and Luisenthal. Terex has also undertaken not to cause Demag Cranes to announce enforced redundancies as a direct result of the takeover for a period of three years. Following effectiveness of any domination agreement, Terex additionally intends to combine its activities in the port equipment business with Demag Cranes’ port technology business. Leadership of this business shall similarly remain with the Demag Cranes Operating Segment Board.
Sunday, January 12, 2025
