Delivers substantial all-cash premium to Joy Global stockholders Komatsu committed to long-term growth of Joy Global stockholders
Komatsu committed to long-term growth of Joy Global, which will operate as a separate subsidiary of Komatsu
Delivers substantial all-cash premium to Joy Global stockholders Komatsu committed to long-term growth of Joy Global, which will operate as a separate subsidiary of Komatsu Milwaukee, WI – July 21, 2016 – Joy Global Inc. (NYSE: JOY) (“Joy Global”), a worldwide leader in high-productivity mining solutions, today announced that its Board of Directors has unanimously approved a definitive merger agreement under which Komatsu America Corp., a subsidiary of Komatsu Ltd. (TYO: 6301) (“Komatsu”), will acquire Joy Global in a transaction valued at approximately $3.7 billion, including Joy Global’s outstanding indebtedness. Under the terms of the agreement, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held, representing a 48% premium to the volume weighted average closing price of Joy Global’s common stock for the 90 trading days and a 41% premium to the volume weighted average closing price of Joy Global’s common stock for the 60 trading days prior to July 21, 2016. Read the full Joy Global news release here.
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