Shinagawa Refractories Co., Ltd. (TSE:5351) made an offer to acquire remaining 44.75% stake in Isolite Insulating Products Co., Ltd. (TSE:5358) ¥12.6 billion on December 23, 2021. Shinagawa Refractories will acquire 10.462154 million shares at a price of ¥1200 per share under the Offer. Lower limit of planned purchases is 2.6685 million shares. Shares of Isolite Insulating Products Co., Ltd. will be delisted post completion of Offer. Board of directors of Isolite Insulating Products Co., Ltd. approved the Offer. Isolite Insulating Products Co., Ltd. established a special committee composed of Nobuhiro Shirae, Akihiko Ishikawa and Hiroki Iwatani. Tender offer will start on December 24, 2021 and will close on February 17, 2022. Mizuho Securities Co., Ltd. acted as financial advisor and TMI Associates acted as legal advisor to Shinagawa Refractories. Daiwa Securities Co. Ltd. acted as financial advisor and Nishimura & Asahi acted as legal advisor to Isolite Insulating Products Co., Ltd.

Shinagawa Refractories Co., Ltd. (TSE:5351) completed the acquisition of remaining 44.75% stake in Isolite Insulating Products Co., Ltd. (TSE:5358) on March 28, 2022.