A consortium of Bain Capital Private Equity, LP, Japan Industrial Partners, Inc. and JIS Japan Industrial Solutions K.K. made an offer to acquire 46.6% stake in Hitachi Metals, Ltd. (TSE:5486) for approximately ¥430 billion on April 28, 2021. The consortium made the offer to acquire shares at ¥2181 per share. The transaction will be financed from equity investment and borrowings from The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Ltd., Shinsei Bank, Ltd. and Aozora Bank, Ltd. Post completion, consortium expected that executive officers will continue to play a leading role in our business operation. The tender offer will commence if certain conditions are fulfilled. The consortium must have to acquire minimum of 56.82 million shares through tender offer. If all the shares not acquired through tender offer, then consortium will launch squeeze out for remaining shares out of tendered shares. The conditions include Hitachi Metals, Ltd.'s special committee and Board of Directors has expressed their opinion in support for the transaction, approvals from Competition laws of Japan, China, South Korea, Taiwan, the United States, Mexico, and Vietnam. The European Commission has received an application for the approval of the transaction, The Commission has set October 13, 2021, as a provisional deadline for a ruling on the transaction. The commencement of tender offer is expected in late November 2021. BofA Securities Japan Co., Ltd. acted as financial advisor to Hitachi Metals, Ltd. for the transaction. Nishimura & Asahi acted as legal advisor to Hitachi Metals, Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Bain Capital Private Equity, LP.