Valeo Bayen S.A. made a takeover bid to acquire an additional 23.5% stake in Ichikoh Industries Ltd. (TSE:7244) for ¥9.2 billion on November 22, 2016. Under the terms, the buyer offered to acquire a maximum of 22.58 million shares or a minimum of 17.78 million shares at ¥408 per share. The offer period will begin on November 24, 2016 and end on January 12, 2017. Settlement will occur on January 20, 2017. As of November 22, 2016, the buyer holds 31.58% stake in Ichikoh Industries. Post completion of the transaction, Ichikoh Industries Ltd will continue to be listed on the Tokyo Stock Exchange. The transaction is subject to the approval of the relevant anti-trust authorities, Valeo obtaining at least 50.09% stake in Ichikoh and also subject to a ceiling fixed at 55.08% of the capital of Ichikoh in order to maintain the liquidity of the stock, which will remain listed in Tokyo. As on December 12, 2016, Japan Fair Trade Commission approved the deal. Mizuho Securities Co., Ltd. acted as tender offer agent. Nagashima Hashimoto & Yasukuni along with Christophe Perchet, Jon Gray, Juliette Loget, and Mörk Murdock of Davis Polk & Wardwell LLP and Nishimura & Asahi acted as legal advisors and Nomura Securities acted as third party appraiser for Ichikoh and Valeo Bayen.

Valeo Bayen S.A. completed the acquisition of an additional 23.5% stake in Ichikoh Industries Ltd. (TSE:7244) on January 12, 2017. 32.38 million shares were tendered by the shareholders, but a maximum of 22.6 million shares will be accepted. The settlement is scheduled on January 20, 2017 and Ichikoh is expected to be consolidated into the accounts of Valeo Group from February 1, 2017.