Terex Shares Rally 12% Following Report Of Improved Bid From Zoomlion

Shares of crane maker Terex Corporation TEX have surged as much as 12 percent after a Reuters report said China's Zoomlion Heavy Industry Science & Technology Co Ltd has raised its bid for Terex. 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, the report said citing people familiar with the matter. Terex has demanded $32.75 per share in cash to terminate its merger agreement with Finland's Konecranes and agree to sell itself to Zoomlion, the report said. Related Link: http://www.reuters.com/article/us-terex-m-a-zoomlion-idUSKCN0WH2AX In August 2015, Terex and Konecranes announced their merger under which Konecranes has offered 0.8 of its shares for each Terex share. However, late February, Terex and Konecranes have determined that it would be prudent to pause the integration planning activities for the time being. Shares of Terex were currently up 8 percent at $23.49. TEX stock has gained 22 percent this year.