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Mitsubishi Heavy Industries Ltd Announces Takeover Bid for Shares of Toyo Engineering Works Ltd

Thursday, 30 May 2013 02:00am EDT 

Mitsubishi Heavy Industries Ltd announced that it has decided to offer a takeover bid for shares of Toyo Engineering Works Ltd. Mitsubishi Heavy Industries intends to acquire 13,120,777 shares in Toyo Engineering Works or at least 6,929,000 shares (a 31.07% stake), for JPY 542 per share (JPY 7,111 million in total), during the period from May 31, 2013 to July 11, 2013, and increase its stake in Toyo Engineering Works from 38.73% (8,295 voting rights) to 100.00%. As a result, Toyo Engineering Works may be delisted from Tokyo Stock Exchange. 

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26 Dec 2014