Joy Global stockholders approve acquisition by Komatsu
Joy Global announced that Joy Global stockholders "overwhelmingly" voted to approve the company's pending acquisition by Komatsu America Corp., a subsidiary of Komatsu Ltd. As previously announced, 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 parties have received the necessary clearances in both the United States and Canada. The transaction is on track to close by mid-2017, and may occur in early-2017 depending on the progress of the remaining regulatory clearance procedures.