Showa Sangyo Co., Ltd. completed the acquisition of 87.74% stake of Boso oil and fat Co., Ltd. from a group of shareholders for ¥1.4 billion.
July 12, 2020
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Showa Sangyo Co., Ltd. (TSE:2004) made an offer to acquire Boso oil and fat Co., Ltd. (TSE:2608) from a group of shareholders in December 2019. As on April 27, 2020, the offer per share was ¥900, which was later revised to ¥1,000 on April 30, 2020. As on May 12, 2020, the final offer per share is ¥1080. Post completion, Boso oil and fat will operate as a wholly owned subsidiary of Showa Sangyo. The deal is subject to minimum tender of 0.99 million shares. As on May 14, 2020, Showa Sangyo Co., Ltd. has resolved at its board of directors meeting held for the deal. Boso oil and fat's Board of Directors on May 14, 2020, an opinion expressing their support for the tender offer and at the same time, it has made a resolution recommending its shareholders apply for the tender offer. Following the resolution of Boso oil's Board of Directors in late December 2019, the Showa Sangyo and Boso oil will conduct the Transaction. Tender offer will commence on May 18, 2020 and the period of the tender is set to 41 business days (July 13, 2020). GCA Advisors, LLC acted as financial advisor and Nishimura & Asahi acted as legal advisor to Boso.
Showa Sangyo Co., Ltd. (TSE:2004) completed the acquisition of 87.74% stake of Boso oil and fat Co., Ltd. (TSE:2608) from a group of shareholders for ¥1.4 billion on July 13, 2020. Showa Sangyo purchased 1.29 million shares at a price of ¥1,080 per share.
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.
SOJITZ CORPORATION 
