WESTPORT, Conn. – Shares of crane maker Terex Corp. climbed in extended trading Wednesday after the company said Chinese competitor Zoomlion sweetened its unsolicited takeover offer to $31 per share.
Terex said it would begin talks with Zoomlion Heavy Industry Science and Technology Co. with the goal of obtaining a binding deal. Zoomlion first approached Terex with a takeover offer of $30 per share in January.
The Westport, Connecticut, manufacturer's board of directors "has not changed its recommendation" supporting an earlier agreement to merge with Finish company Konecranes PLC. Under the terms of that deal, Terex shareholders would control 60 percent of the new company and Konecranes the rest.
Terex shares jumped $2.32, or 9.8 percent, to $23.74 in extended trading after news of the sweetened offer emerged.