Cevian says Terex offer for Demag Cranes too low according to FRANKFURT (Reuters) Mon, May 9 2011- Cevian, the biggest shareholder in Demag Cranes, said an 884-million-euro ($1.3 billion) takeover offer by Terex was too low, upping the pressure on the U.S. company to sweeten its offer for the German crane maker.
Keith Springer, president of Springer Financial Advisors in Sacramento, California, who does not own Terex shares but has followed the saga, agreed.
“(Terex’s) European counterparts are probably looking for high 40s, probably 49-50,” he said.
“It is a ‘get-big-or-go-home’ kind of economy. You are going to see larger companies gobble up smaller companies all over the place,” he said. “(Demag) can do hardball because they do not have to do the deal.”
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