WeissLaw LLP: Terex Corporation Acquisition Not In Best Interests of TEX Shareholders

Aug 12, 2015, 15:18 ET from WeissLaw LLP

NEW YORK, Aug. 12, 2015 /PRNewswire/ -- The proposed acquisition of Terex Corporation ("TEX" or the "Company") by Konecranes Plc ("Konecranes") is being investigated by WeissLaw LLP for possible breaches of fiduciary duty and other violations of law by the Board of Directors of TEX.  On August 11, 2015, the Company announced that its Board of Directors unanimously approved a definitive merger of equals whereby TEX and Konecranes will combine to create a single company.  Under the terms of agreement, TEX shareholders will receive 0.80 shares of Konecranes for each TEX share owned.  This represents a consideration of $24.75 based on the August 7, 2015 closing price of Konecranes.   

WeissLaw is investigating whether TEX's Board acted to maximize shareholder value prior to entering into the agreement.  Notably, prior to the announcement, at least one analyst set a price target of $35 per share, or $10.25 above the offer price.  Additionally, the Company's shares traded for $29.32 as recently as May 21, 2015, or approximately $5.00 above the offer price.

Given these facts, WeissLaw is investigating the Board's decision to sell TEX and whether TEX shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects.  If you own TEX shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

 

SOURCE WeissLaw LLP



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