Terex received a revised non-binding proposal from Zoomlion Heavy Industry Science and Technology to acquire all of the outstanding shares of Terex for $31.00 per share in cash.

The proposal is conditioned on, among other things, receipt of U.S. and Chinese regulatory approval and Zoomlion shareholder approval. The Terex board of directors, in consultation with its legal and financial advisors, determined it will pursue negotiations of definitive terms with Zoomlion to ascertain whether it can obtain a binding proposal from Zoomlion which provides for a high degree of closing certainty. There can be no assurance that a satisfactory proposal can be achieved.

The Terex board has not changed its recommendation in support of the proposed combination with Konecranes. Until such time as Terex’ existing agreement with Konecranes is terminated, Terex is prohibited from entering into an agreement with Zoomlion. Without agreement from Konecranes, Terex may not terminate its existing agreement unless and until Terex shareholders vote upon, and fail to approve, the Konecranes transaction, or Terex is otherwise entitled to terminate under its agreement with Konecranes.

Credit Suisse Securities, Moelis & Company and Citigroup Global Markets are serving as financial advisors to Terex, and Fried Frank Harris Shriver & Jacobson, Bryan Cave and Avance Attorneys are acting as legal counsel to Terex.