An investor in NYSE:JOY shares filed a lawsuit against the takeover of Joy Global Inc. by Komatsu Ltd. for $28.30 per share.
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 firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:JOY stockholders by agreeing to sell Joy Global Inc. too cheaply via an unfair process to Komatsu America Corp., a subsidiary of Komatsu Ltd.
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, plaintiff claims that the proposed consideration NYSE:JOY shareholders will receive is grossly inadequate and undervalues Joy Global Inc. Indeed, shares of Joy Global Inc. (NYSE:JOY) reached in 2014 as high as $64.27 per share. In addition, the plaintiff alleges that the process is also unfair to Joy Global Inc stockholder.
On September 7, 2016, NYSE:JOY shares closed at $27.48 per share.
Those who purchased NYSE:JOY shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego