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Terex says received higher offer from China's Zoomlion

Reuters
A Zoomlion company logo is seen on an advertisement as passengers walk past at an airport in Changsha, Hunan province July 13, 2013. REUTERS/Stringer

(Reuters) - U.S. crane maker Terex Corp (TEX.N) said it had received a higher non-binding proposal from China's Zoomlion Heavy Industry Science and Technology Co Ltd to buy the company for $31 per share.

Terex said on Wednesday its board decided to pursue negotiations to check whether it can obtain a binding proposal from Zoomlion.

Reuters had reported earlier in the month that Zoomlion had 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.

Terex said its board has not changed its recommendation in support of the proposed combination with Finnish rival Konecranes Abp (KCR1V.HE).

(Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Shounak Dasgupta)