an. 9, 2012 (China Knowledge) - Joy Global Inc, a leading high productivity mining solution provider in the world, has announced a tender offer for the remaining stakes of China's International Mining Machinery Holdings Ltd<1683>, which manufactures and sells underground coal mining equipment.
The U.S.-based buyer, which acquired a 41.1% stake in the target firm for HK$8.50 apiece on December 29, 2011, bringing its shareholdings to approximately 69%, is making an offer to buy the remaining 31% equity interests of International Mining Machinery for HK$8.50 a piece or HK$3.4 billion in total via a Hong Kong
subsidiary Joy Global Asia Ltd.
The tender offer will expire on February 3, 2012, said a person familiar with the matter.
International Mining Machinery has yet commented on the news.
According to the website of Hong Kong-listed
International Mining Machinery, the company earned RMB 1.11 billion in sales revenue in the first half of 2011, reflecting a year-on-year increase of 20.1%, and the firm's gross profit increased 25.5% from a year earlier to RMB 4.97 billion in the reporting period.