Sompo Japan Insurance Inc. and ACA, Inc. made an offer to acquire 34.01% stake in Cedar. Co. Ltd. from Business Trust Co. Ltd., Tachibana Co., Ltd. and other shareholders for ¥1.2 billion.
August 13, 2012 at 12:00 am EDT
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Sompo Japan Insurance Inc. and ACA, Inc. made an offer to acquire 34.01% stake in Cedar. Co. Ltd. (JASDAQ:2435) from Business Trust Co. Ltd., Tachibana Co., Ltd. and other shareholders for ¥1.2 billion on August 13, 2012. Under the terms of deal, Sompo Japan Insurance will acquire 1.95 million shares at the price of ¥610 per share. Sompo Japan Insurance concluded a contract with the major shareholders of Cedar. Co. Ltd and agreed that it will subscribe to 1.58 million shares held by the shareholders. The tender offer will commence on August 14, 2012 and will close on September 13, 2012. Minimum number of shares to be purchased is 1.57 million of Cedar Co. Ltd.
The Board of Directors of Cedar. Co., Ltd passed a resolution for the agreement on August 13, 2012. Mizuho Securities Co., Ltd acted as the appraiser and the settlement institution and provided a share valuation report.
CEDAR. Co., Ltd. is a Japan-based company mainly engaged in the provision of nursing care services for elderly in Kyushu, Yamaguchi and Kanto areas. The Company operates in three business segments. The Day Services segment provides food, bathing, daily care, functional training and other services in the day services centers. The Facilities Services segment is engaged in the operation of charged nursing care homes for elderly, group homes, as well as small-scale multifunctional homes, which provide food, bathing, toileting, daily care, consulting and functional training services. The Home Services segment is involved in the provision of home-visit nursing care and rehabilitation services, as well as the creation of care plans.
Sompo Japan Insurance Inc. and ACA, Inc. made an offer to acquire 34.01% stake in Cedar. Co. Ltd. from Business Trust Co. Ltd., Tachibana Co., Ltd. and other shareholders for ¥1.2 billion.