The Japan Wool Textile Co., Ltd. (TSE:3201) concluded a share exchange agreement to acquire remaining 67.1% stake in Fuji Corporation (JASDAQ:3515) from a group of shareholders for ¥1.9 billion on May 12, 2021. The Japan Wool Textile will acquire 624,644 shares it does not already in Fuji. The transaction will be structured as a share exchange. For each share of FUJICO, 3.05 shares of common stock of Nikke will be delivered by allotment. As a result, Japan Wool Textile will issue 1.9 million shares as consideration. Prior to the effective date of the Share Exchange, Fuji's common stock will be delisted on the Tokyo Stock Exchange JASDAQ (Standard) on August 30, 2021. Th transaction is subject to approval from shareholders of Fuji and is unanimously approved by its board. Fuji formed a special committee of 4 directors namely Osamu Shimizu, Haruhito Sakui, Hiroyoshi Takemura, and Tsutomu Ikeda. The share exchange is scheduled to take effect on September 1, 2021. Mizuho Securities Co., Ltd and AGS Consulting Co., Ltd. acted as financial advisors for Japan Wool and FUJICO respectively. Chuo Sogo Law Office, P.C acted as legal advisor for Japan Wool and HOKUTO Law Office and Atsumi & Sakai acted as legal advisor for Fuji. Nikke and Fuji have selected Mizuho Securities Co., Ltd. and AGS Consulting Co in order to ensure the share exchange ratio and other fairness of the Share Exchange.

The Japan Wool Textile Co., Ltd. (TSE:3201) completed the acquisition of remaining 67.1% stake in Fuji Corporation (JASDAQ:3515) from a group of shareholders on September 1, 2021.