In the previously announced deal, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held at the time of the closing of the transaction.

Joy Global Inc. says its shareholders have voted to approve the pending acquisition of the company by Komatsu America Corp. for $3.7 billion.

In the previously announced deal, Milwaukee-based Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held at the time of the closing of the transaction.

The completion of the transaction remains subject to certain other closing conditions, including obtaining necessary regulatory clearances under competition laws in relevant countries.

The two companies have received the necessary clearances in the United States and Canada, and Joy Global says the transaction is on track to close by the middle of next year.

“Stockholder approval represents a key milestone on the path to completing the transaction,” Joy Global president and chief executive officer Ted Doheny said in a statement.

Joy Global, one of the world’s largest independent mining equipment manufacturers, has long been viewed as a potential target for Komatsu, a Japanese manufacturer of off-highway trucks and large excavators.

Komatsu said it intends to operate Joy Global as a separate subsidiary and retain the Joy Global brand names.

, Milwaukee Journal Sentinel

 


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