Joy Global Inc., a worldwide leader in high productivity mining solutions, announces the completion of the tender offer that its wholly owned Hong Kong subsidiary, Joy Global Asia Limited, conducted for the shares of International Mining Machinery Holdings Ltd. (IMM), a leading designer and manufacturer of underground mining equipment in China.
In the tender offer, Joy Global Asia Limited received acceptances in respect of 384,932,947 shares of IMM common stock and elections to cancel approximately 17.9 million, or 100%, of all outstanding options to purchase IMM common stock. Joy Global will pay aggregate consideration of approximately $426.8 million for such shares and options. Combined with shares it previously owned, the tender offer resulted in Joy Global Asia Limited holding approximately 98.9% of all shares of IMM common stock. Joy Global Asia Limited intends to exercise its right to compulsorily acquire the shares of IMM common stock that it has not purchased to date under applicable provisions of the Cayman Island Companies Law, under which IMM is incorporated. Joy Global currently expects to complete the acquisition of the remaining shares of IMM common stock in its third fiscal quarter.