February 22 - In a stock exchange statement, Terex Corporation has said that "it would be prudent to pause the integration planning activities for its merger with Konecranes for the time being".
The statement said that this will allow the Terex management team to devote its attention to improving the company's operating results and delivering on management's commitment to shareholders.
This comes on the back of Terex receiving a proposal from Zoomlion to acquire all of its outstanding shares in an attempt to override the existing deal between Terex and Konecranes.
However, Terex confirmed that its board of directors has not changed its recommendation of the merger, and both parties continue to move forward with the necessary filings to achieve antitrust, regulatory and shareholder approvals that are required to complete the merger transaction.
Konecranes also issued a statement which said that it is "fully committed to the merger and continues to believe that it represents a highly compelling opportunity for both companies and their shareholders".
Konecranes said that both parties decided to temporarily suspend post-merger business integration planning discussions due to the challenging business environment, and focus on their respective businesses and completion of the tie-up.