Demag Cranes Rejects Terex Offer

June 2, 2011

Demag Cranes has rejected the $1.3 billion offer from Terex because it was too cheap and strategically opaque.

Its management and supervisory boards recommended that shareholders  not accept the 41.75 euro-per-share offer as the price was too low and Terex had so far failed to say what its plans for Demag Cranes were.

"Terex has not initiated any discussions with the Management Board or the Supervisory Board of Demag Cranes AG relating to the offer," Demag said.

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Source: Reuters