Zoomlion reiterated its intention to absorb Terex into the Chinese company's fold on Wednesday.
Zoomlion is a limited liability heavy equipment manufacturer that is owned in part by the People's Republic of China. The company made an unsolicited bid to acquire Terex December 4, 2015, offering $30 per share. The Financial Times reports that Zoomlion has secured financing for the transaction.
Terex is currently working towards merging with Konecranes Plc, but is in discussions with Zoomlion. According to Terex president/CEO John Garrison, Terex is in discussions with Zoomlion.
"Terex management and board of directors, working with our legal and financial advisors, are...carefully reviewing the Zoomlion proposal. This process will take time, and we will have no further comment...until the discussions and analysis are complete."
Terex reported disappointing fourth quarter and full year 2015 results, showing sales for Q4 dropped -11.8 percent, and a decrease of 10.4 percent for 2015 as compared to 2014.