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Terex Corp. (TEX - Free Report) recently announced that the company has successfully achieved the minimum tender condition for Demag Cranes. The company offered €45.50 per share to Demag shareholders, which has exceeded the minimum requirement of 51%.

Terex Industrial Holding AG offered a price of €45.50 per share, representing an approximately 25% premium on the closing share price of €36.30 on April 29, 2011 and a 28% premium on the three-month volume-weighted average share price of €35.56 as of April 29, 2011.

The company also announced the reception of 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.

According to the information, the offer was accepted for a total of 14 million shares of Demag Cranes, comprising 68% of outstanding shares, including the shares previously purchased by Terex.

According to the German Securities Acquisition and Takeover Act (WpÜG), shareholders of Demag who did not get the opportunity to tender their shares can offer their shares during the additional acceptance period of two weeks following the publication of the final tender results. The completion of the offer is subject to the clearance of the European Commission.

Terex is impressed with the overwhelming response of Demag's shareholders and believes that together they can manufacture world-class products in the area of industrial cranes/hoists and port technology.

Demag Cranes business totally complements Terex's business and the combined entity would have had generated total revenues of approximately $5.8 billion in 2010 with a strong footprint in Europe and emerging markets, especially in China. Terex currently retains a Zacks #3 Rank (short-term Hold ranking).

Westport, CT-based Terex Corporation is a global manufacturer of a broad range of equipment for construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries. The company’s manufacturing facilities are located in the U.S., Canada, Europe, Australia, Asia and South America.

Terex operates through four business segments: Aerial Work Platforms, Construction, Cranes and Materials Processing. Terex competes with the likes of Caterpillar Inc. (CAT - Free Report) , Deere & Company (DE - Free Report) and Komatsu Ltd. (KMTUY - Free Report) .

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