Nippn Corporation (TSE:2001) signed an agreement to acquire remaining 48.97% stake in OK Food Industry Co., Ltd. (TSE:2905) for ¥1.9 billion on March 28, 2022. As per the transaction, the share exchange ratio will be 1:0.63. Nippn Corporation shall issue 0.63 shares for each share of OK Food Industry Co., Ltd. OK Food Industry Co., Ltd. will be delisted from stock exchange on July 21, 2022.

Nippn Corporation will issue 1.14 million shares. Post completion, OK Food Industry Co., Ltd. will become holly owned subsidiary of Nippn Corporation. A special committee hasbeen established for the transaction.

The transaction is subject to obtaining approval from shareholders of Nippn Corporation on June 23, 2022. The Board of Directors has passed the resolution for the transaction. Completion is planned on July 25, 2022.

Kei Okamoto of DC Advisory Japan acted as sole financial advisor to Nippn Corporation. Nakamura, Tsunoda & Matsumoto acted as legal advisors to Nippn Corporation and Anderson Mori & Tomotsune LPC acted as legal advisor to OK Food Industry Co., Ltd.