Toyota Boshoku Corporation (TSE:3116) entered into share exchange agreement to acquire Araco Corp. for ¥1.5 billion on May 24, 2019. Under the terms, Toyota Boshoku Corporation will issue 1.1 million shares with an exchange ratio of 1:3.10. The transaction is subject to ordinary general meeting of shareholders for the approval of the share exchange agreement on June 10, 2019. The transaction is expect to close on July 1, 2019. Toyota Boshoku Corporation (TSE:3116) cancelled the acquisition of Araco Corp. for ¥1.5 billion on May 24, 2020.