Sojitz Pla-Net Corporation completed the acquisition of 44.1% in Pla Matels Corporation from a group of sellers for ¥2.9 billion.
January 13, 2021
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Sojitz Pla-Net Corporation made a tender offer to acquire remaining 53.4% in Pla Matels Corporation (JASDAQ:2714) from a group of sellers for ¥3.5 billion on November 26, 2020. The offer is made to acquire 4.6 million shares at a price of ¥770 per share. As of the offer date, Sojitz Pla-Net holds 3.98 million shares in Pla Matels. Asahi Kasei Corporation (TSE:3407), which holds 4.7% stake, has signed an agreement to tender all the shares it holds. When the offer is completed, Sojitz Pla-Net Corporation is scheduled to obtain borrowing from Sojitz Corporation (TSE:2768), the wholly-owning parent company, of up to ¥4 billion, to the fund for the settlement of the offer. Post completion, Pla Matels Corporation will operate as a wholly-owned subsidiary. Sojitz Pla-Net Corporation does not plan to change the trade name, company name or brand of Pla Matels Corporation.
Sojitz Pla-Net Corporation does not currently plan to change the terms of employment of the employees of Pla Matels but will delist it from stock exchange. Sojitz Pla-Net Corporation has set 1.7 million (20.1%) as the limit of minimum number of shares to be purchased. If the condition is not met, Sojitz Pla-Net Corporation will not purchase any shares in the offer. Sojitz Pla-Net Corporation has not set the maximum number of shares to be purchased, and, if the total number of the tendered shares is no less than the minimum number of 1.7 million, Sojitz Pla-Net Corporation will purchase all of the tendered shares. Pla Matels Corporation resolved and unanimously approved at its Board of Directors meeting on November 26, 2020, to express an opinion in favor of the offer and to recommend that the shareholders tender the shares held by them in the offer. The Board of Directors of Sojitz Corporation resolved the deal on November 26, 2020. The Board of Pla Matels appointed a special committee for the deal, which also unanimously approved the offer and recommended the shareholders to tender the shares. The offer will be valid up to January 14, 2021.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor and Nagashima Ohno & Tsunematsu acted as legal advisor for Sojitz Corporation. TMI Associates acted as legal and YAMADA Business Consulting Co.,Ltd. acted as financial advisor for Pla Matels Corporation.
Sojitz Pla-Net Corporation completed the acquisition of 44.1% in Pla Matels Corporation (JASDAQ:2714) from a group of sellers for ¥2.9 billion on January 14, 2021. Payment date will be January 21, 2021.
Sun A. Kaken Company, Limited is a Japan-based company principally engaged in the manufacture and sale of light packing products, industrial materials and functional materials. The Company operates in three business segments. The Light Packing Materials segment manufactures and sells easy-to-unseal films, food packages, medical packaging materials, flexible drink containers and air buffering materials, among others. The Industrial Materials segment provides release coated papers, materials for adhesive tape, polyethylene laminated paper and resin cloths. The Functional Materials segment provides various surface protection films, as well as processed products of adhesive films. As of March 31, 2014, the Company had one subsidiary and two associated companies.
SUN A.KAKEN COMPANY,LIMITED 
