Lux Holdings, L.P., managed by The Carlyle Group Inc. (NasdaqGS:CG) made an offer to acquire Iwasaki Electric Co., Ltd. (TSE:6924) from Yoshitake Ito and others for ¥34.8 billion on February 6, 2023. Lux Holdings, L.P entered into a tender offer agreement to acquire Yoshitake Ito shares. the price per share is ¥4,460.

If the Tender Offer is completed, the Offeror will receive a capital contribution of ¥13 billion from the Carlyle Fund and a loan of ¥20.9 billion from Sumitomo Mitsui Banking Corporation which will be used to settle the Tender Offer. Carlyle has set the minimum tender condition to 4,900,900 shares. Upon closing, if a threshold has achieved Carlyle will acquire the remaining shares through a squeeze out procedure.

Tender offer will commence from February 7, 2023. Tender Offer Period from February 7, 2023 to March 22, 2023. Hiroshi Uchima, Keitaro Hamada and Toshiyuki Nonaka of Nishimura & Asahi acted as a legal advisor, Nomura Securities Co., Ltd., acted as a financial advisor to Carlyle group.

TMI Associates acted as a legal advisor,, Nomura Securities Co., Ltd., acted as financial advisor to Iwasaki. Iwata Godo acted as a legal advisor to special committee.