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

Friday, 12 Jul 2013 02:00am EDT 

Mitsubishi Heavy Industries Ltd announced that it has completed the takeover bid for shares of Toyo Engineering Works Ltd. Mitsubishi has acquired 12,339,702 shares in Toyo Engineering during the period from May 31, 2013 to July 11, 2013, at JPY 542 per share. Therefore, Mitsubishi has increased its stake in Toyo Engineering from 38.73% (8,295 voting rights) to 96.35% (20,634 voting rights) and will become the parent of Toyo Engineering effective July 19, 2013. As a result, Toyo Engineering will be delisted from Tokyo Stock Exchange.