Terex Corp. said it intends o sell up to 9.5% of the total shares outstanding of Konecranes Plc, corresponding to up to 7.45 million Class A Konecranes shares.
Total shares outstanding includes both Class A and Class B Konecranes 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, the company said.
Prior to settlement, the appropriate number of Konecranes unlisted Class B shares held by Terex will be converted into the Class A shares and listed on the Helsinki Stock Exchange.
In accordance with Konecranes’ articles of association and the shareholders agreement dated Jan. 4, 2017, Terex has also agreed to certain transfer restrictions on its Konecranes shares. Konecranes has granted a waiver to certain transfer restrictions, however, which permits all investors, including current shareholders of Konecranesthe right to purchase up to 2.486 million shares per institution in this offering.