Maruha Nichiro Corporation (TSE:1333) reached an agreement to make a tender offer to acquire the remaining 67.3% stake in Daito Gyorui Co., Ltd. (TSE:8044) from a group of sellers for ¥2.6 billion on March 30, 2020. Maruha Nichiro will acquire approximately 2.1 million shares at ¥1225 per share. Maruha Nichiro has set a minimum of 33.98% stake of the shares to be tendered and the tender offer will commence from March 31, 2020. In addition, Maruha Nichiro has set 34 business days as the tender offer period.

The transaction has been approved by the board of directors of Daito Gyorui and Maruha Nichiro. The transaction is subject to the approval of the shareholders of Daito Gyorui. As on May 22, 2020, Maruha Nichiro Corporation has exceeded the lower limit of the total number of tendered shares. The transaction is expected to be completed by May 28, 2020. A special committee consisting of three members was appointed to advice on the transaction. Mizuho Securities acted as the financial advisor and Mori Hamada & Matsumoto acted as legal advisor to Maruha Nichiro. Trustees Advisory Co., Ltd. acted as the financial advisor and TMI Associates acted as the legal advisor for Daito Gyorui.