Joy Global to be acquired by Komatsu (KMTUY) for $28.30 per share

Joy Global (JOY) to be acquired by Komatsu (KMTUY) for $28.30 per share. (21 July 2016)

  

Joy Global (JOY) announced that its Board of Directors has unanimously approved a definitive merger agreement under which Komatsu America Corp, a subsidiary of Komatsu (KMTUY), will acquire Joy Global in a transaction valued at ~$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. 
• Komatsu intends to operate Joy Global as a separate subsidiary of Komatsu and retain the strength of the Joy Global brand names.
• The transaction is expected to close by mid-2017.