Toyota Tsusho Corporation cancelled the acquisition of remaining 41.4% stake in Elematec Corporation from a group of shareholders.
December 10, 2024
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Toyota Tsusho Corporation (TSE:8015) proposed to acquire remaining 41.4% stake in Elematec Corporation (TSE:2715) from a group of shareholders for ¥40.7 billion on October 29, 2024. A cash consideration valued at ¥2400 per share will be paid by Toyota Tsusho Corporation for 16,940,333 shares. Upon completion, Toyota Tsusho Corporation will own 100% stake in Elematec Corporation.
The transaction is subject to minimum tender. The Board of Directors of Elematec Corporation formed a special committee for the transaction. The expected completion of the transaction is December 11, 2024.
Anderson Mori & Tomotsune LPC acted as legal advisor for Elematec Corporation. Nomura Securities Co., Ltd. acted as financial advisor for Elematec Corporation. Daiwa Securities Co. Ltd. acted as fairness opinion provider for Elematec Corporation.
Toyota Tsusho Corporation (TSE:8015) cancelled the acquisition of remaining 41.4% stake in Elematec Corporation (TSE:2715) from a group of shareholders on December 11, 2024.
Elematec Corp is a Japan-based company mainly engaged in the sale, processing, design and manufacture of electric materials, electronic components and mechanical parts. The Company operates in four regional segments. The Company is engaged in the provision of electrical materials such as substrates, silicon, anisotropic conductive films (ACFs), heat radiation rubbers, high-function films and resins, insulating tapes, high-function adhesives, lens films, anti-reflective materials and inert liquid; electronic components such as connectors, sensors, thermostats, inductors, backlights, fuses and liquid crystal displays (LCDs); mechanical parts such as fiberglass reinforced plastic (FRP) molded products, filters, exterior products, solar panels, power modules and others; other products such as cable accessories, polishing agents, camera monitors and others. The Company operates within the domestic market and to overseas markets, including China, other Asia, Europe and America.