Masazo Kodama, Tsuneji Kodama, Saburo Kodama and Tarohiko Kodama made an offer to acquire the remaining 70.83% stake in Kojima Iron Works Co., Ltd. (TSE:6112) from Toshiaki Harima and Yohei Hashimoto in a management buyout transaction for approximately ¥400 million on June 26, 2020. As per terms of transaction, Masazo Kodama Tsuneji Kodama, Saburo Kodama and Tarohiko Kodama will acquire the shares of Kojima Iron Works Co., Ltd. at ¥570 per share. As on August 5, 2020, Masazo Kodama, Tsuneji Kodama, Saburo Kodama and Tarohiko Kodama revised the offer per share to ¥620. Masazo Kodama Tsuneji Kodama, Saburo Kodama and Tarohiko Kodama already own 0.29 million shares of Kojima Iron Works Co., Ltd. representing 29.17% stake. The acquisition will be funded from the loan of ¥900 million from Ashikaga Bank, Ltd., Gunma Bank and Yokohama Bank. The transaction is subject to minimum tender of 0.67 million share representing 67.06% stake. The Board of Kojima Iron Works Co., Ltd. recommended that the shareholders apply for the tender offer. An independent special committee at Kojima Iron Works Co., Ltd. has been established to evaluate the transaction. The tender offer will start on June 29, 2020 and will end on August 12, 2020. As of August 5, 2020, the offer period is extended till August 20, 2020. Japan TurnAround Partners Advisory, Inc. acted as a financial advisor and fairness opinion provider and City-Yuwa Partners acted as legal advisor to Kojima Iron Works Co., Ltd.