NEW YORK (TheStreet) -- Terex (TEX) - Get Report stock is surging by 10.59% to $22.67 on heavy trading volume this afternoon, following an unsolicited takeover bid by China's Zoomlion Heavy Industry Science & Technology valued at around $3.3 billion.
Terex has already agreed to a pending merger with Finland-based Konecranes. Based on Konecranes's closing stock price yesterday and on current exchange rates, the pending merger values each Terex share at around $18, the Wall Street Journal reports.
Zoomlion offered the company $30 in cash for each Terex share, according to a statement.
"I think that Steve Miller is in play here - take that money and run," TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning, referring to the song by The Steve Miller Band.
"Don't be a joker, midnight toker - hit that bid," he continued.
Terex would have to pay Konecranes about 37 million euros if it reneges on their deal, according to Reuters.
About 8.63 million shares of Terex have been traded so far today, well above the company's average trading volume of roughly 1.82 million shares per day.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Terex's strengths such as its attractive valuation levels and largely solid financial position with reasonable debt levels by most measures are countered by weaknesses including disappointing return on equity, weak operating cash flow and deteriorating net income.
You can view the full analysis from the report here: TEX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.