Terex had made the tender offer on 19 May 2011 and increased the offer price from EUR 41.75 to EUR 45.50 per share on 16 June 2011, 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. Terex had previously pledged far-reaching autonomy to Demag Cranes under a Business Combination Agreement and provided extensive guarantees to safeguard locations and jobs.
Aloysius Rauen, CEO of Demag Cranes AG, said on completion of the majority takeover: “Demag Cranes has developed superbly in the last few years and secured outstanding growth prospects for itself as the industry’s technology and innovation leader. We are confident that, on the basis of our clear strategy, we will be able to carry on our success story as an independent operating segment within the Terex Group and, alongside the strong partner Terex, accelerate our advance on our growth trajectory.”