To date, Joy Global Asia Limited has received acceptances in respect of 370,059,847 shares of IMM common stock and elections to cancel 100% of all outstanding options to purchase IMM common stock.
Joy Global will pay aggregate consideration of approximately $420M for such shares and options. Combined with shares it previously owned, the acceptances of the tender offer to date have resulted in Joy Global Asia Limited holding approximately 97.7% of all of the shares of IMM common stock.
The tender offer to purchase the remaining shares of IMM common stock, which was to have expired on February 3, will now expire on February 10, 2012 at 4:00 p.m., Hong Kong time. With 97.7% of the shares of IMM common stock, Joy Global Asia Limited intends to exercise its right to compulsorily acquire those shares of IMM common stock which have not been acquired by Joy Global Asia Limited under the share offer.
The shares closed at $89.65, down $0.51, or 0.57%, on the day. Its market capitalization is $9.42 billion. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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