Air Water Inc. (TSE:4088) made a bid to acquire 50.1% stake in Kawamoto Corporation (TSE:3604) for approximately ¥910 million on November 8, 2016. Air Water Inc. will acquire 2.9 million shares at the price of ¥314 per share. The offering period will start from November 11, 2016 to December 16, 2016.

The settlement starts on December 22, 2016. Air Water Inc. will acquire not less than 2.32 million shares. As of November 18, 2016 Medical Ikkou Co., Ltd. (JASDAQ:3353) tendered its 0.39 million shares i.e, 6.58% stake in Kawamoto Corporation to Air Water Inc. (TSE:4088).

In a related transaction, Kawamoto plans to issue 1.17 million shares to Air Water via private placement, to raise ¥368.4 million, during the period from January 10, 2017 to January 31, 2017. The Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as third party appraiser for Kawamoto Corporation. Sumitomo Mitsui Trust Bank, Ltd. acted as third party appraiser Air Water Inc. Oh-Ebashi LPC & Partners acted as independent legal advisor for Kawamoto Corporation.

SMBC Nikko Securities, Inc. acted as tender offer agent in the transaction.