ORIX Corporation (TSE:8591) made an offer to acquire remaining 32.5% stake in Daikyo Incorporated (TSE:8840) from a group of sellers for ¥76.9 billion on October 22, 2018. Under the terms of the transaction, ORIX Corporation offered to acquire 25.9 million shares at ¥2,970 per share. Upon completion, Daikyo Incorporated will operate as wholly owned subsidiary of ORIX Corporation.

Upon completion, Daikyo Incorporated will be delisted from Tokyo Stock Exchange. The transaction was unanimously approved by the Board of Daikyo Incorporated. A special committee was formed by Daikyo Incorporated to assess the fairness of the transaction.

The tender offer will start from October 29, 2018 and will end on December 10, 2018. Daiwa Securities Co., Ltd. acted as financial advisor and Mori Hamada & Matsumoto acted as legal advisor to Daikyo Incorporated. Nomura Securities Co., Ltd. acted as third party appraiser and financial advisor to ORIX Corporation in the transaction.