Joy Global announced that it has completed the acquisition of approximately 41.1 percent of the outstanding common stock of International Mining Machinery Holdings Limited, a leading designer and manufacturer of underground mining equipment in China. The transaction, which was announced in July, involved the purchase of 534.8 million shares of IMM at a price of HKD8.50 per share, or approximately $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 percent of IMM's outstanding common stock, BusinessWire reported.
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. The offer document is subject to approval by the Hong Kong Securities and Futures Commission, and following such approval will be made available on www.joyglobal.com .