SAN DIEGO, July 21, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Joy Global Inc. (NYSE:JOY) breached their fiduciary duties in connection with the proposed sale of the Company to Japan's Komatsu Ltd.
Additional Information:
Joy manufactures and services mining equipment for extraction of coal, copper, iron ore, oil sands, gold, and other minerals and ores worldwide.
On July 21, 2016, Joy announced it had signed a definitive merger agreement with Komatsu. Under the terms of the agreement, Komatsu will pay $28.30 per share in cash for each share of Joy common stock.
The investigation concerns whether the Joy board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Joy shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration; especially given that the price target for one Wall Street analyst is $30.00. The 52-week high for Joy stock is $28.63.
Edward Doheny, Joy's CEO, has change of control provisions in his employment agreement. As of Fiscal 2015 Year-End, potential payments upon termination or change-in-control, was valued at $8,089,200.
If you are a shareholder of Joy and believe (1) the proposed buyout price is too low or (2) the merger benefits management more than the shareholders, and (3) you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
[email protected]
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SOURCE Johnson & Weaver, LLP
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