(Reuters) - U.S. crane maker Terex Corp (N:TEX) said it had received a higher non-binding proposal from China's Zoomlion Heavy Industry Science and Technology Co Ltd <000157.SZ> 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 (HE:KCR1V).