NEWS
01/26/2016 14:54 EST | Updated 01/26/2017 00:12 EST

Terex shares zoom climb on unsolicited Zoomlion bid

WESTPORT, Conn. — Shares of heavy lifting equipment maker Terex Corp. soared after the company announced it had received an unsolicited takeover offer of $30 per share from China's Zoomlion Heavy Industry Science and Technology Co.

The bid would value Westport, Connecticut-based Terex at about $3.3 billion.

Terex shares jumped 37 per cent to $20.41 in afternoon trading Tuesday after rising as high as $23.98 earlier.

Terex said it signed a confidentiality agreement with Zoomlion and its board is reviewing the proposal. It said it wouldn't comment further until the review is complete.

Terex said in August it would merge with Finnish company Konecranes PLC in a deal that would have Terex shareholders controlling 60 per cent of the new company and Konecranes the rest. Terex said Tuesday that its board had not changed its recommendation to combine with Konecranes.

The Associated Press