Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday.

Bloomberg Business is reporting that Terex received an unsolicited takeover bid from China's Zoomlion Heavy Industry Science & Technology Co.

Tuesday from the Westport, Connecticut-based company. That values Terex at about $3.3 billion, data compiled by Bloomberg show. Terex has entered into a confidentiality agreement with Zoomlion and is in discussions regarding the proposal, according to the statement.

Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, people familiar with the situation said earlier Tuesday, asking not to be identified as the situation is private. While Zoomlion hasn't abandoned its interest in Terex, it's unclear if the Chinese company will improve its offer, the people said.

Today's top stories

Iconic Hotel Being Demolished to Make Way for Baseball Stadium

MD 4 Project to Add Diamond Interchange

Volvo Construction Equipment Showcases New Products at North American Volvo Days

VIDEO: Anniversary of Highway Workers' Memorial Renews Calls for Work Zone Safety

Yanmar Compact Equipment Introduces New Line of Branded Attachments for Compact Track Loaders

Caterpillar Introduces Dynamic Energy Transfer Solution for Battery, Diesel-Electric Mining Equipment

Five Finalists Compete for Grand Prize Makeover in Bobcat Park and Rec Makeover Contest

VIDEO: Students From Washington, Ohio Earn Top Honors in Annual ARTBA Transportation Video Contest