City Index Eleventh Co., Ltd. made a takeover bid to acquire 43.82% stake in Toshiba Machine Co., Ltd. (TSE:6104) for ¥36.5 billion on January 17, 2020. City Index Eleventh will acquire 10.6 million shares at an offer per share of ¥3,456. If the total number of tendered shares, etc. is less than the minimum number of shares to be purchased (3.5 million shares), all Tendered Shares, etc. will not be purchased. If the total number of shares tendered exceeds the upper limit of the number of shares to be purchased (7.5 million shares), City Index shall not purchase all or a part of the portion exceeding the upper limit. There is no plan to acquire treasury stock through the tender offer. Shares less than one unit are also subject to the tender offer. If a shareholder exercises the right to purchase less than one unit of shares in accordance with the Companies Act, Toshiba Machine may purchase its own shares during the tender offer period in accordance with legal procedures. Number of voting rights pertaining to stocks to be purchased is 75,000. The tender offer does not intend to delist Toshiba Machine’s shares and accordingly, the listing on the First Section of the Tokyo Stock Exchange is expected to be maintained after the completion of the Tender Offer. Toshiba Machine may adopt a poison pill approach to fend off the hostile takeover by diluting the holdings of unwanted suitors. Independent Committee has been established for the transaction. An extraordinary general meeting of shareholders will be held on March 27, 2020 to confirm the intentions of shareholders regarding this response policy and the implementation of countermeasures based on this response policy, in accordance with the purpose of this response policy, which requires that shareholders make a decision on whether or not this is the case. As reported on January 28, 2020, Board of Toshiba Machine opposed the tender offer. As per disclosure of March 9 , 2020, Toshiba Machine Sagami Cooperative Cooperative (has unanimously resolved to oppose the tender offer. The association consists of 20 companies, that cooperate with Toshiba Machinery's Sagami Plant through various fields. Toshiba Machine requested to extend the tender period to 60 business days, beginning on February 19, 2020 and end on April 16, 2020. The period of purchase is from January 21, 2020 to March 4, 2020. As announced on February 18, 2020, the offer has been extended till April 16, 2020. GCA Corporation, Lee Japan and PwC Advisory LLC acted as financial advisor and TMI Associates and Nishimura & Asahi acted as legal advisor for Toshiba Machine. City Index Eleventh Co., Ltd. cancelled the acquisition of 43.82% stake in Toshiba Machine Co., Ltd. (TSE:6104) on April 2, 2020.