JSR Corporation (TSE:4185) made an offer to acquire the remaining 49.2% stake in Medical & Biological Laboratories Co., Ltd. (JASDAQ:4557) for ¥11.2 billion on October 19, 2020. Under the terms of the transaction, JSR will acquire 2.5 million shares in Medical & Biological at ¥4,400 per share. Prior to the transaction, JSR holds 2.6 million shares or 50.8% stake in Medical & Biological.

If all of Medical & Biological's stocks cannot be acquired in the tender offer, JSR plans to implement a series of procedures to acquire the remaining shares. The transaction is subject to a minimum tender of at least 0.82 million shares or 15.9% stake. The deal was approved by the Board of Directors of Medical & Biological Laboratories.

The offer will commence on October 28, 2020 until December 10, 2020. A special committee consisting of Mr. Masayuki Ushida,, Mr. Yuichi Komine, and Mr. Hiroaki Rokugawa was formed on September 11, 2020 was formed to establish a system for discussions and negotiations regarding the Tender Offer. Nomura Securities Co.

acted as financial advisor and Anderson Mori & Tomotsune LPC acted as legal advisor to JSR in the transaction. On the other hand, Plutus Consulting Co., Ltd. acted as financial advisor while Sato Sogo Law Office acted as legal advisor to the Board of Directors of Medical & Biological Laboratories. Nomura Securities Co., Ltd. acted as the financial advisor and tender offer agent for JSR Corporation.