Zoomlion Ups Bid for Terex | Construction News

Zoomlion has reportedly raised its bid for Terex Corp, as it continues to challenge Terex's merger with Konecranes. Reuters said in an article last week that Zoomlion's main stumbling block in its negotiations with Terex is the price, rather than concerns of Terex's ties to the U.S. military and ports.

According to Reuters, Zoomlion has increased its offer to more than $3.4 billion by adding a special dividend for Terex shareholders of $1 per share to its previous $30 per share cash offer. Unidentified article sources said Terex has responded by asking for $32.75 per share in cash to terminate its merger agreement with Konecranes and agree to sell itself to Zoomlion.

The discussions between Terex and Zoomlion have not advanced beyond price, sources said. Zoomlion's banks, including China Development Bank and the Export-Import Bank of China, are waiting for Terex to provide the access they require for their due diligence in order to finalize their financing commitments, the same sources said.

The sources said there is no certainty that Terex and Zoomlion will be able to bridge their price differences and agree to a deal.