Maruha Nichiro Corporation made a tender offer to acquire 67.3% stake in Daito Gyorui Co., Ltd. from a group of sellers for ¥2.6 billion.
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.