China Knowledge reported that Joy Global Inc a leading high productivity mining solution provider in the world has announced a tender offer for the remaining stakes of China International Mining Machinery Holdings Ltd which manufactures and sells underground coal mining equipment.

The US based buyer which acquired a 41.1% stake in the target firm for HKD 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 HKD 8.50 a piece or HKD 3.4 billion in total through a Hong Kong subsidiary Joy Global Asia Ltd.

A person familiar with the matter said the tender offer will expire on February 3 2012.

International Mining Machinery has yet commented on the news.

(Sourced from China Knowledge)