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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toshiba Machine Co., Ltd.    6104   JP3592600005

TOSHIBA MACHINE CO., LTD.

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Toshiba says not threatened by Hoya's sweeter bid for Toshiba's NuFlare unit

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12/19/2019 | 03:39am EDT
FILE PHOTO: A logo of Toshiba is seen on a printed circuit board in this photo illustration taken in Tokyo

Toshiba Corp does not feel threatened by Hoya Corp's counter offer for Toshiba chip equipment unit NuFlare, saying that even if its own bid fails it does not expect Hoya to succeed.

Toshiba CEO Nobuaki Kurumatani told Reuters in an interview that the Japanese conglomerate, which holds 52.4% of NuFlare Technology Inc, had no intention of accepting Hoya's sweeter bid or raising its own.

Optical products maker Hoya has offered 12,900 yen per NuFlare share or $1.4 billion - a rare unsolicited bid in Japan, topping Toshiba's offer of 11,900 yen for each share it does not own.

If rejected, it could put NuFlare in the uncomfortable position of having to explain to shareholders why it did not accept a higher offer.

Hoya has, however, also said it wants at least two-thirds of NuFlare, meaning Toshiba would need to sell part of its stake. Toshiba executives have said they are puzzled by Hoya's proposal, which cannot succeed without Toshiba's cooperation.

"It's a mysterious tender offer," said Kurumatani.

NuFlare has more than 50% of the world's market for electron beam mask writers, used to print patterns on semiconductor wafers. That is attractive to Hoya which makes mask blanks and see synergies that will help it expand its semiconductor-related business.

Japanese activist investor Yoshiaki Murakami also has a 6.2% stake in NuFlare.

Kurumatani said if Toshiba's bid fails, "it will just be the current status quo," he said. "This is not something we are troubled by."

"NuFlare cannot survive without Toshiba," he said, adding that Toshiba engineers have been heavily involved in developing NuFlare's next-generation mask writers. "We can unleash the value of NuFlare," he said. "It's not a matter of price."

Asked to comment on Kurumatani's remarks, a spokeswoman for Hoya said: "Hoya believes its offer is the best one for all three companies - Toshiba, Hoya and NuFlare."

Travis Lundy, an independent analyst who writes on the Smartkarma platform, said he thought NuFlare and Toshiba Machine Co Ltd, NuFlare's No.2 shareholder, could be exposed to shareholder lawsuits if Hoya's bid is rejected.

But Kurumatani said Toshiba's board, the majority of which are external directors, had signed off on Toshiba's offer price for NuFlare and bumping that up would harm its own shareholders' interests.

Toshiba's bid, which ends Dec. 25, is part of a 200 billion yen ($1.8 billion) plan to convert NuFlare and two other listed subsidiaries into wholly owned units.

If Toshiba's bid fails, Hoya's offer would begin in April and is due to run for a month.

By Makiko Yamazaki and Noriyuki Hirata

Stocks mentioned in the article
ChangeLast1st jan.
HIRATA CORPORATION 6.68% 4230 End-of-day quote.3.42%
HOYA CORPORATION -3.13% 8234 End-of-day quote.-2.44%
NUFLARE TECHNOLOGY, INC. 0.09% 11610 End-of-day quote.-0.09%
ON SEMICONDUCTOR CORPORATION 0.62% 12.97 Delayed Quote.-46.80%
TOSHIBA CORPORATION 5.57% 2311 End-of-day quote.3.35%
TOSHIBA MACHINE CO., LTD. 8.28% 2092 End-of-day quote.4.60%
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Financials (JPY)
Sales 2020 114 B
EBIT 2020 2 900 M
Net income 2020 6 800 M
Debt 2020 -
Yield 2020 4,07%
P/E ratio 2020 7,42x
P/E ratio 2021 -56,0x
Capi. / Sales2020 0,44x
Capi. / Sales2021 0,52x
Capitalization 50 443 M
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Mean consensus HOLD
Number of Analysts 2
Average target price 3 130,00  JPY
Last Close Price 2 090,00  JPY
Spread / Highest target 49,8%
Spread / Average Target 49,8%
Spread / Lowest Target 49,8%
EPS Revisions
Managers
NameTitle
Yukio Iimura Chairman & Chief Executive Officer
Takahiro Mikami President, COO & Representative Director
Akiyoshi Kobayashi Director, GM-Technology & Product
Shigetomo Sakamoto Representative Director & Executive Vice President
Yoshihiro Ogura Independent Outside Director
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