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Demag Cranes Rejects Terex's Purchase Offer

According to Reuters, Demag Cranes has rejected the $1.3 billion bid (880 million euro) from Terex. Demag's management and supervisory boards recommended that shareholders should not accept the 41.75 euro-per-share offer because the price was too low, and Terex did not state its plans for Demag Cranes.

"Terex has not initiated any discussions with the management board or the supervisory board of Demag Cranes AG relating to the offer," Demag said. "It is not possible at the current time to conclusively assess the strategic aims pursued in the offer or any other intentions of the bidder -- including with regard to locations and jobs."

According to Reuters, Terex said it had no plans to increase its bid, which runs through the end of June.

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