JTEKT Corporation made an offer to acquire remaining 66.5% stake in Fuji Kiko Co., Ltd. from TACHI-S Co., Ltd. and others for ¥26.1 billion.
April 27, 2017
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JTEKT Corporation (TSE:6473) made an offer to acquire remaining 66.5% stake in Fuji Kiko Co., Ltd. (TSE:7260) from TACHI-S Co., Ltd. (TSE:7239) and others for ¥26.1 billion on April 28, 2017. As reported, JTEKT Corporation will make a takeover bid for remaining 35.3 million shares in Fuji Kiko Co at a price of ¥740 per share. JTEKT Corporation has concluded agreement with TACHI-S Co., Ltd. to acquire all of its 12.98 million Fuji Kiko shares, representing 24.47% stake. JTEKT Corporation will acquire a minimum of 17.6 million Fuji Kiko shares. The offer will commence from November 1, 2017 to December 14, 2017.
JTEKT Corporation will commence the bid after competition law review. The transaction is subject to the approval by FTC. As of June 30, 2017, early termination of antitrust approval waiting period received. As of August 11, 2017, the transaction is approved by The Competition Council. As of August 29, 2017, JTEKT Corporation announced that the offer is expected to start as early as October 2017. All procedures and correspondences based on competition laws in each country except for Japan have been completed. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as independent third party appraiser and tender offer agent for JTEKT Corporation. Kabu.com Securities Co., Ltd. acted as deputy agent in tender offer for JTEKT Corporation. Nomura Securities acted as independent third party appraiser for Fuji Kiko. Anderson Mori & Tomotsune LPC acted as legal advisor for Fuji Kiko.
TACHI-S CO., LTD. is a Japan-based company mainly engaged in the manufacturing and sales of automotive seats and related parts. The Company operates through six business segments. It is engaged in the manufacturing and sales of seats for vehicles, including passenger cars, trucks and buses. It is also engages in the manufacturing and sales of other parts, such as steering components and vehicle body mechanism components. It is also engaged in the rental of commerce facilities.