Hitachi Zosen Corp. completed the acquisition of an additional 43.5% stake in Hitachi Zosen Fukui Corporation from Cornwall Capital Management, LP, Sasakura Engineering Co., Ltd., Sakai Ovex Co., Ltd., Hitachi Zosen Fukui Corporation, Clients' Stock Ownership Association, The Bank of New York Mellon Corporation (NYSE:BK), Shoko Kakizoe, Fumitake Shirasaki, Harumi Yamagata and other shareholders for ¥9.1 billion.
As of November 4, 2016, the Board of Directors of Hitachi Zosen Corp. and Hitachi Zosen Fukui Corporation approved the transaction and the Board of Hitachi Zosen Fukui Corporation recommended the shareholders to accept the offer. Tender offer period will begin on November 7, 2016 and end on December 19, 2016. Nomura Securities Co., Ltd. acted as a financial advisor and Kitahama Partners acted as a legal advisor to Hitachi Zosen Fukui Corporation and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as a financial advisor and tender offer agent, kabu.com Securities Co., Ltd acted as a tender offer agent and TMI Associates acted as a legal advisor to Hitachi Zosen Corp.
Hitachi Zosen Corp. (TSE:7004) completed the acquisition of an additional 43.5% stake in Hitachi Zosen Fukui Corporation (JASDAQ:6163) from Cornwall Capital Management, LP, Sasakura Engineering Co., Ltd. (TSE:6303), Sakai Ovex Co., Ltd. (TSE:3408), Hitachi Zosen Fukui Corporation, Clients' Stock Ownership Association, The Bank of New York Mellon Corporation (NYSE:BK), Shoko Kakizoe, Fumitake Shirasaki, Harumi Yamagata and other shareholders for ¥9.1 billion on December 19, 2016. Hitachi Zosen Corp. acquired 4.28 million shares.