Dai-ichi Life Holdings, Inc. made an offer to acquire ipet Holdings, Inc. for Ã39 billion.
November 06, 2022
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Dai-ichi Life Holdings, Inc. (TSE:8750) made an offer to acquire ipet Holdings, Inc. (TSE:7339) from the shareholders for Ã39 billion on November 7, 2022. Dai-Ichi will acquire 10.99 million shares at Ã3550 each. The transaction is subject to a minimum of 7.3 million shares to be tendered. The board of ipet Holdings recommends the shareholders to tender their shares during the offer. The tender offer will commence on November 8, 2022, and close on December 20, 2022. As of December 19, 2022, Tender offer is expected to close on January 10, 2023.
Nomura Securities Co., Ltd. acted as financial advisor to Dai-ichi Life Holdings, Daiwa Securities Co. Ltd. acted as financial advisor to ipet Holdings, Inc and Iwata Godo Attorneys and Counselors at Law acted as legal advisor to ipet Holdings, Inc. BofA Securities Japan Co., Ltd. and Mizuho Securities Co., Ltd. acted as financial advisor to Dai-ichi Life. Nishimura & Asahi acted as a legal advisor to Dai-ichi Life.
Sojitz Corporation is a diversified group organized around 10 business segments:
- distribution of chemicals products (25.4% of sales): organic, basic and specialty chemicals, plastic products, resins, etc;
- mining operations (22.2%): coal mining, alumina refining, sale of steel products and ferrous and non-ferrous metals, etc;
- distribution of large consumer products (17.6%): clothing and accessories, textile products, home and decorative articles, etc;
- automobile assembly and sales (11.6%);
- production and sale of food products and ingredients (7.8%);
- sale of industrial machinery and equipment and development of health facilities (6.9%);
- development and operation of energy and telecommunications infrastructure (3.6%);
- industrial infrastructure operation, property management and urban development (2%);
- aircraft and ship sales (1.7%). The group also develops activities in the operation of airport and rail infrastructure;
- other (1.2%): provision of financial services, logistics services, consulting, etc.