NEW YORK - "The King" has returned in a big way today. Terex corporation which translated from Latin means earth king but simply known as The King on Wall Street for its strong track record of mergers and acquisitions. The company has offered a €884 million or €41.75 per Demag share. The stock has risen well past the offer price of €41.75 as investors expect Terex to raise their bid further.
Not so fast says Ron Defeo The CEO of Terex said of the stock going above his offer price:
"We are a very disciplined buyer. We stand by our €41.75 offer. Where the stock is trading today really is I think an indication of maybe a different expectation on the side of investors (than) may actually happen."
Germany is Terex's second largest market. The combined company would have had $5.8 billion of sales in 2010. Terex plans to finance the deal with cash and some debt.
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