Terex Corporation has announced its intention to sell up to 9.5% of the total shares outstanding of Konecranes Plc. This corresponds to up to 7.45 million Class A Konecranes shares and includes both Class A and Class B shares, but does not include Konecranes treasury shares.
The shares are being offered by way of an accelerated bookbuild and the results will be announced as soon as practicable thereafter.
Prior to the settlement, the appropriate number of Konecranes unlisted Class B shares held by Terex will be converted into Class A shares and listed on the Helsinki stock exchange.
In accordance with Konecranes’ articles of association and the shareholders agreement dated 4 January 2017, Terex has also agreed to certain transfer restrictions on its Konecranes shere. However, Konecranes has granted a waiver to certain transfer restrictions, which permits all investors, including current shareholders of Konecranes, the right to purchase up to 2.486 million shares per institution in this offering.