Terex Corp, the machinery maker has raised its offer for buying out Demag Cranes AG by as much as 9 per cent, to be at $1.38 billion. The German company said that it expects now that the shareholders from both the sides would agree for the same.
The new bid means that Terex is now offering 45.50 euros ($65.20) per share for buying out the shares of Demag, which is an increase in offer by 45.50 euros ($65.20) per share.
It was said by Terex holding in the time of early May that they are going to make an unsolicited offer for Demag and it is going to be close to 41.75 euros per share, or $1.26 billion, on May 20.
Demag is into the business of making cranes and crane components, harbor cranes and terminal automation technology. Terex has been saying that it now expects the board of Demag to go ahead and recommend the shareholders approval which is going to come very soon.
As per the rule, close to 51 per cent of the Demag shares have to vote in favor of the deal for it to get approved.