MILWAUKEE (dpa-AFX) - Joy Global Inc. (JOY) announced that it completed the acquisition of approximately 41.1% of the outstanding common stock of International Mining Machinery Holdings Limited or 'IMM', a designer and manufacturer of underground mining equipment in China.
The transaction involved the purchase of 534.8 million shares of IMM at a price of HKD8.50 per share, or about $584 million at current exchange rates, from TJCC Holdings Limited. As a result of prior open-market purchases of IMM shares, Joy Global now owns approximately 69.2% of IMM's outstanding common stock.
Joy Global is now required to make an unconditional cash tender offer for the remaining shares of IMM common stock and all outstanding options to purchase IMM common stock pursuant to the Hong Kong Takeovers Code. The tender offer will be launched by Joy Global's wholly owned Hong Kong subsidiary, Joy Global Asia Limited, and will be subject to the terms and conditions to be set out in the offer document.
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