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Wed, Jul. 16, 12:22 PM
- Joy Global (JOY +6.7%) shares hit new 52-week highs, apparently on speculation that the world's leading maker of underground mining equipment is a takeover target.
- Joy also may be gaining on a forecast from air compressor maker Atlas Copco (OTCPK:ATLKY, OTCPK:ATLCF) for improved demand in the coming months as investment in mining equipment stabilizes.
Aug. 19, 2013, 3:16 AM
- As tipped, Atlas Copco (ATLKY.PK) has agreed to acquire British vacuum pumps firm Edwards Group (EVAC) for up to $1.6B, including $400M of debt.
- Atlas Copco will pay an initial $9.25 a share and as much as $1.25 extra, depending on Edwards' 2013 earnings. For the full payment, the latter will have to earn revenues of £587.5-650M and adjusted EBITDA of £113.9-145M.
- Edwards' shares closed at $8.45 on Friday.
- Edwards shareholders representing around 84% of stock have agreed to vote in favor of the deal. (PR)
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Atlas Copco is an industrial group with world-leading positions in compressors, construction and mining equipment, power tools and assembly systems. The Group delivers sustainable solutions for increased customer productivity, through innovative products and services.
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