Tokai Tokyo Financial Holdings, Inc. made an offer to acquire remaining 70.8% stake in Ace Securities Co., Ltd. from a group of investors for ¥11.4 billion.
February 11, 2021
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Tokai Tokyo Financial Holdings, Inc. (TSE:8616) made an offer to acquire remaining 70.8% stake in Ace Securities Co., Ltd. from a group of investors for ¥11.4 billion on February 12, 2021. Under the terms of transactions, Tokai Tokyo Financial Holdings, Inc. will acquire 3.5 million shares as price of ¥3220 per share. The offer is subject to approval from Japan Fair Trade Commission If the total number of tendered shares is less than the minimum number of shares to be purchased 1.9 million shares, none of the tendered shares will be purchased.
Any facts concerning the impact of the Tender Offer on the Company's consolidated business results that should be disclosed are currently under scrutiny and will be promptly published if they arise. The tender offer is valid from February 15, 2021 to March 29, 2021. KPMG FAS Co., Ltd. acted as financial advisor and Kitahama Partners acted as legal advisor to Ace Securities Co in the deal.
Sugimura Warehouse Co., Ltd. is a Japan-based company mainly engaged in the logistics and real estate businesses. The Company operates through three business segments. The Logistics business is engaged in cargo storage, packing and distribution processing of stored cargo, automobile transportation business. The Real Estate business is engaged in the leasing of land, houses, parking lots. The Other business is engaged in the golf driving range services, power sale, and finance business.
Tokai Tokyo Financial Holdings, Inc. made an offer to acquire remaining 70.8% stake in Ace Securities Co., Ltd. from a group of investors for ¥11.4 billion.