Joy steps ahead in IMM deal

ORIGINAL equipment manufacturer Joy Global says wholly owned subsidiary Joy Global Asia has completed its tender offer for the shares of Chinese manufacturer International Mining Machinery.
Joy steps ahead in IMM deal Joy steps ahead in IMM deal Joy steps ahead in IMM deal Joy steps ahead in IMM deal Joy steps ahead in IMM deal

Joy Global's longwall system. Courtesy of Joy Global.

Donna Schmidt

On Friday the company announced it received acceptances for 384,932,947 IMM common stock shares and elections to cancel 17.9 million outstanding options, equating to 100% of the Hong Kong-listed company, for $US426.8 million.

Combined with shares already owned, Joy Global Asia is holding approximately 98.9% of all IMM shares.

The subsidiary said it intended to exercise the right to compulsorily acquire the shares not already purchased.

Joy Global expects the acquisition of the remaining shares will be complete in its third fiscal quarter.

Joy acquired a 41% stake of IMM in July 2011 for about $585 million and in the first week of this year launched an offer for the remaining 399.7 million shares at 8.50 Hong Kong dollars per share ($A1.10).

IMM is considered to be a leading designer and manufacturer of underground mining equipment in China.

Most read Archive

loader

Most read Archive