Toshiba Corporation (TSE:6502) made an offer to acquire remaining 50.1% stake in Toshiba Plant Systems & Services Corporation (TSE:1983) for approximately ¥130 billion on November 13, 2019. Toshiba Corporation plans to acquire 48.8 million shares with minimum of 16.37 million shares at ¥2,670 per share. In related transactions, Toshiba Corporation Infrastructure Systems & Solutions Company, subsidiary of Toshiba Corporation, made a tender offer to acquire Nishishiba Electric Co., Ltd. (TSE:6591) and Toshiba Electronic Devices & Storage Corporation, subsidiary of Toshiba Corporation, made a tender offer to acquire NuFlare Technology, Inc. (JASDAQ:6256). Total consideration for three transactions is around ¥200 billion.

If the tendered shares are less than the minimum shares, all of the tendered shares will not be purchased. Toshiba Plant Systems & Services Corporation has expressed its support for the tender offer at its Board of Directors meeting held on November 13, 2019. In addition, it has been resolved to encourage the shareholders of Toshiba Plant Systems & Services Corporation to apply for the tender offer. Toshiba Plant Systems & Services Corporation approved the takeover bid on November 13, 2019. The Board of Toshiba Corporation resolved the transaction on November 13, 2019. The Board of Directors of Toshiba Plant Systems & Services Corporation has established a special committee consisting Kishiko Wada, Yoshikazu Yokoyama and Takashi Ishii. The tender offer period will be from November 28, 2019 to December 25, 2019.

Daiwa Securities Group Inc. (TSE:8601) acted as the financial advisor and Anderson Mori & Tomotsune acted as the legal advisor to Toshiba Plant Systems & Services Corporation. Nomura Securities Co., Ltd. acted as the financial advisor and Nishimura & Asahi acted as the legal advisor to Toshiba Corporation. Nomura Securities Co., Ltd. acted as the tender offer agent. Nishida Law Office acted as legal advisor and Plutus Consulting Co., Ltd. acted as financial advisor to the special committee of Toshiba Plant Systems & Services Corporation.