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Joy stockholders approve Komatsu deal

Published by
World Coal,

Joy Global stockholders have “overwhelmingly” approved the company’s acquisition by Komatsu America Corp.

“We are pleased with the outcome of today’s vote and the support we have received from Joy Global stockholders for the Komatsu transaction,” said Ted Doheny, President and CEO of Joy Global. “Stockholder approval represents a key milestone on the path to completing the transaction.”

In July, Komatsu agreed to buy Joy Global for US$3.7 billion – or US$28.30 per share in cash for each outstanding share of common stock held at the time of closing.

Completion of the deal is subject to a number of other conditions, including obtaining necessary clearances under competition laws in relevant countries. Such clearances have already been received in both the US and Canada.

The transaction is expected to close in mid-2017 with the potential for it to occur earlier should the remaining regulatory clearances be received more quickly that expected.

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