An investigation on behalf of investors of Joy Global Inc. (NYSE:JOY) in connection with the proposed takeover was announced and NYSE:JOY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/26/2016 -- The acquisition of Joy Global Inc is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold shares of Joy Global Inc., concerning whether the takeover of Joy Global Inc. by Komatsu Ltd. for $28.30 per share is unfair.
Investors who purchased shares of Joy Global Inc. (NYSE:JOY) and currently hold any of those NYSE:JOY shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Joy Global Inc. breached their fiduciary duties owed to NYSE:JOY investors in connection with the proposed acquisition.
On July 21, 2016, Joy Global Inc. announced that its Board of Directors has approved a merger agreement under which Komatsu America Corp., a subsidiary of Komatsu Ltd. (TYO: 6301), will acquire Joy Global in a transaction valued at approximately $3.7 billion, including Joy Global's outstanding indebtedness. Under the terms of the agreement, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held,.
However, given that shares of Joy Global Inc. (NYSE:JOY) reached in 2014 as high as $64.27 per share, the investigation concerns whether the offer is unfair to NYSE:JOY stockholders. More specifically, the investigation concerns whether the Joy Global Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On July 25, 2016, NYSE:JOY shares closed at $27.83 per share.
Those who purchased shares of Joy Global Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com