Westport, Conn.-based Terex Corp. last week announced that it is calling a special meeting of stockholders to be held July 17 at its U.S. headquarters to consider a proposal to amend the company’s Certificate of Incorporation to increase the number of shares of common stock the it is authorized to issue by 150 million. The company currently has 150 million authorized shares of common stock.
A proposal for an amendment to increase the authorized number of shares of common stock by 450 million was not approved by stockholders at the company’s annual meeting of stockholders held on May 17.
“Our board of directors heard the concerns that stockholders voiced about the size of the first proposed increase in authorized shares,” said Ron DeFeo, chairman and CEO. “We have responded with a more modest proposal that will still provide Terex with the needed flexibility in connection with possible future stock splits, financing transactions, acquisitions of other companies or business properties, employee benefit plans and other corporate purposes.”
Shareholders of record as of May 31, will be eligible to vote on the proposal. Approval of the proposal will require the affirmative vote of the holders of a majority of the shares of common stock outstanding and eligible to vote at the special meeting.
Terex Corp. is a diversified global manufacturer with 2006 net sales of approximately $7.6 billion. Terex operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other.