BMO Capital Downgrades Joy Global (JOY) to Market Perform

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Go back to BMO Capital Downgrades Joy Global (JOY) to Market Perform

Joy Global Announces Agreement to Be Acquired by Komatsu in $3.7 Billion All-Cash Transaction

July 21, 2016 3:40 AM EDT

MILWAUKEE--(BUSINESS WIRE)-- 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 Globals 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... More