July 7 - Further to our news item of June 22, the Terex Corporation has announced that the minimum acceptance level of 51 percent for the voluntary public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG at EUR45.50 (USD6
Terex also announced that it has received early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the offer, and that it has formally filed the transaction with the European Commission.
Preliminary information indicates that the offer was accepted for a total of at least 14 million shares of Demag Cranesby the end of the acceptance period. This corresponds to approximately 67 percent of all outstanding shares of Demag Cranes.
According to the German Securities Acquisition and Takeover Act (WpÜG), shareholders of Demag Cranes who have not accepted the offer during the acceptance period will have the opportunity to tender their shares during an additional acceptance period of two weeks following the publication of the final tender results.
The completion of the offer still remains subject to several other conditions, primarily the merger control clearance by the European Commission.
Ronald M. DeFeo, Terex chairman and chief executive officer, said: "We are pleased with the high level of support for this transaction from the shareholders and management of Demag Cranes. With the addition of Demag Cranes to the Terex Group, we will add a new business segment with world-class products in industrial cranes/hoists and port technology. The success of our offer demonstrates the confidence in the compelling industrial rationale of this deal and the growth opportunities for both companies."