Joy Global Inc. Announces Completion of Tender Offer for International Mining Machinery Holdings Limited
Joy Global Inc. (NYSE: JOY) ("Joy Global"), a worldwide leader in
high productivity mining solutions, announced today's completion of the
tender offer that its wholly owned Hong Kong subsidiary, Joy Global Asia
Limited, conducted for the shares of International Mining Machinery
Holdings Ltd. (HKSE: 1683) ("IMM"), a leading designer and manufacturer
of underground mining equipment in China.
In the tender offer, Joy Global Asia Limited received acceptances in
respect of 384,932,947 shares of IMM common stock and elections to
cancel approximately 17.9 million, or 100%, of all outstanding options
to purchase IMM common stock. Joy Global will pay aggregate
consideration of approximately $426.8 million for such shares and
options. Combined with shares it previously owned, the tender offer
resulted in Joy Global Asia Limited holding approximately 98.9% of all
shares of IMM common stock. Joy Global Asia Limited intends to exercise
its right to compulsorily acquire the shares of IMM common stock that it
has not purchased to date under applicable provisions of the Cayman
Island Companies Law, under which IMM is incorporated. Joy Global
currently expects to complete the acquisition of the remaining shares of
IMM common stock in its third fiscal quarter.
About Joy Global
Joy Global is a worldwide leader in manufacturing, servicing and
distributing equipment for surface mining through P&H Mining Equipment
and underground mining through Joy Mining Machinery.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Terms
such as "anticipate," "believe," "could," "estimate," "expect,"
"forecast," "indicate," "intend," "may be," "objective," "plan,"
"potential," "predict," "should," "will," "will be," and similar
expressions are intended to identify forward-looking statements. The
forward-looking statements in this press release are based on our
current expectations and are made only as of the date of this press
release. In addition, certain market outlook information is based on
third-party sources that we cannot independently verify, but that we
believe reliable. We undertake no obligation to update forward-looking
statements to reflect new information. We cannot assure you the
projected results or events will be achieved. Because forward-looking
statements involve risks and uncertainties, they are subject to change
at any time. Such risks and uncertainties, many of which are beyond our
control, include, but are not limited to: (i) risks of international
operations, including currency fluctuations, (ii) risks associated with
acquisitions, (iii) risks associated with indebtedness, (iv) risks
associated with the cyclical nature of our business, (v) risks
associated with the international and U.S. coal and copper commodity
markets, (vi) risks associated with access to major purchased items,
such as steel, castings, forgings and bearings, and (vii) risks
associated with labor markets and other risks, uncertainties and
cautionary factors set forth in our public filings with the Securities
and Exchange Commission.
The directors of Joy Global and Joy Global Asia Limited (a wholly owned
subsidiary of Joy Global and the entity which acquired the shares under
the share purchase agreement and is making the offer) jointly and
severally accept full responsibility for the accuracy of the information
contained in this announcement, except in relation to information on
IMM, and confirm, having made all reasonable inquiries, that to the best
of their knowledge, opinions expressed in this announcement have been
arrived at after due and careful consideration and there are no other
facts not contained in this announcement, the omission of which would
make any statement in this announcement misleading. The information
relating to IMM contained in this announcement has been taken from the
published annual and interim reports of IMM and from other public
sources, including IMM's website at www.immchina.com.
The directors of Joy Global and Joy Global Asia Limited take full
responsibility for ensuring such information has been correctly and
Joy Global Inc.
Michael S. Olsen, +1 414-319-8507
Vice President and
Chief Financial Officer
Source: Joy Global Inc.
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