Terex receives $3.28-bn unsolicited takeover bid from China's Zoomlion Heavy Industry

Terex CorpUS crane maker Terex Corp yesterday said that it has received an $3.28 billion unsolicited takeover bid from China's Zoomlion Heavy Industry Science and Technology Co.

The unsolicited offer comes a four months after Terex agreed to sell itself to Finnish crane company Konecranes Plc for $2.5 billion.

Terex said that it has received an unsolicited, non-binding acquisition proposal from Zoomlion to acquire all of the outstanding shares of Terex for $30 in cash. The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval.

Terex Board of directors has not changed its recommendation of the proposed combination with Konecranes.

Terex, based in Connecticut added that it has entered into a confidentiality agreement with Zoomlion and is in discussions regarding its proposal.

Zoomlion manufactures construction machinery and 2014 sales of 25.85 billion yuan ($3.93 billion).

Terex is a lifting and material handling solutions company conducting business in five segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing.

It manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries.