Notice Regarding Results of Take-over Offer for Shares of Malaysian Financial IT Solutions Company eBworx
Hitachi, Ltd. (TOKYO:6501) today announced the take-over offer for shares of eBworx Berhad (KLSE:EBWORX), a Malaysia-headquartered financial IT solutions company, which commenced on April 26, 2012 and all settlement for shares which were accepted by May 22, 2012 (98.23% of outstanding shares), has been completed and that eBworx is now consolidated as a subsidiary of Hitachi.
Since Hitachi has acquired more than 90% of the outstanding shares of eBworx, Hitachi will proceed to compulsorily acquire all the remaining shares of eBworx not owned by Hitachi, under the Malaysian Code of Take-Overs and Mergers 2010, which will result in Hitachi having 100% ownership of eBworx.
Overview of Take-over Offer
|Target company||eBworx Berhad|
|Final date of settlement||May 30, 2012|
189,808,110 (98.23% of outstanding shares) (1)
|Offer price||0.90 Malaysian ringgit per share|
170,827,299 Malaysian ringgit (approximately 4.6 billion yen) (2)
|Offer period||From April 26, 2012 to May 22, 2012|
In addition to above, Hitachi acquired 0.53% of outstanding shares through purchase from open market based on the relevant stock exchange laws and regulations. In total, Hitachi owns 98.76% of outstanding shares.
|(2)||Exchange rate (yen/Malaysian ringgit): 27.0|
Objective of the Acquisition
eBworx has an extensive customer base most notably with major banks in Malaysia and Singapore, with widely used software products such as in Internet Banking and credit management systems and a powerful development base, including highly skilled human resources. Through this acquisition, Hitachi aims to expand its system solutions business by targeting Japanese and local financial institutions that are increasing their investments in global operations, especially in Southeast Asia and China.
About Hitachi, Ltd.
Hitachi, Ltd. (TOKYO:6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totaled 9,665 billion yen ($117.8 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.