Shimadzu Corporation (TSE:7701) made an offer to acquire a 45.9% stake in Nissui Pharmaceutical Co., Ltd. (TSE:4550) for ¥17.6 billion on May 31, 2022. The tender offer to acquire a total of 10,288,054 shares, subject to Lower limit of 2,823,300 shares at a price of ¥1,714 per share. The board of directors of Nissui Pharmaceutical have expressed the support and resolved to encourage its shareholders to apply for the Tender Offer. Nissui Pharmaceutical set up a special committee consisting of five members - outside directors Kazunori Kato, Junichiro Yonekura, outside corporate auditors Takeshi Tayama and Shigetaka Misaka, and Ryosuke Koike, a partner lawyer of Okuno & Partners. The tender offer will commence in late June 2022 untill late July 2022, scheduled for 20 business days. As of July 113, 2022, the tender offer period will commence on June 17, 2022 and close on July 28, 2022. Mori Hamada & Matsumoto LPC acted as legal advisor and Houlihan Lokey Advisors, LLC acted as financial advisor to Shimadzu whereas Mizuho Securities Co., Ltd. acted as financial advisor and a third-party calculation institution, and TMI Associates acted as legal advisor to Nissui Pharmaceutical. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as transfer agent.

Shimadzu Corporation (TSE:7701) completed the acquisition of 34.7% stake in Nissui Pharmaceutical Co., Ltd. (TSE:4550) for ¥13.3 billion on July 28, 2022. Under the offer, 7,766,262 shares of Nissui Pharmaceutical were accepted.