Joy Global Inc. Has Reached 97% Of International Mining Machinery Shares And Extends Time To Complete Tender
Joy Global Inc. (NYSE: JOY) (“Joy Global”), a worldwide leader in high productivity mining solutions, today announced the extension of the tender offer that its wholly owned Hong Kong subsidiary, Joy Global Asia Limited, is conducting for the shares of common stock it does not currently own of International Mining Machinery Holdings Ltd. (HKSE: 1683) (“IMM”), a leading designer and manufacturer of underground mining equipment in China. In the tender offer, which was announced on January 6, 2012, Joy Global Asia Limited offered to purchase the remaining shares of IMM common stock, or approximately 399.7 million shares, for HKD8.50 per share and to cancel all outstanding options to purchase IMM common stock, representing approximately 17.9 million shares, for the amount by which HKD8.50 exceeds the exercise price of each option.
To date, Joy Global Asia Limited has received acceptances in respect of 370,059,847 shares of IMM common stock and elections to cancel 100% of all outstanding options to purchase IMM common stock. Joy Global will pay aggregate consideration of approximately $420 million for such shares and options. Combined with shares it previously owned, the acceptances of the tender offer to date have resulted in Joy Global Asia Limited holding approximately 97.7% of all of the shares of IMM common stock. The tender offer to purchase the remaining shares of IMM common stock, which was to have expired on February 3, 2012, will now expire on February 10, 2012 at 4:00 p.m., Hong Kong time.
With 97.7% of the shares of IMM common stock, Joy Global Asia Limited intends to exercise its right to compulsorily acquire those shares of IMM common stock which have not been acquired by Joy Global Asia Limited under the share offer.
About Joy Global
Joy Global is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through P&H Mining Equipment and underground mining through Joy Mining Machinery.Select the service that is right for you!
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