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NIPRO CORP To Launch Tender Offer For GOODMAN CO LTD; Itochu Corp Will Not Participate In Tender Offer-DJ

Thursday, 24 Jan 2013 11:36am EST 

Dow Jones reported that NIPRO CORP will launch a tender offer for GOODMAN CO LTD in order to make the Jasdaq-listed medical equipment maker a subsidiary, The Nikkei reported. The offer will begin Friday and last until March 8. Nipro will target ordinary shares, preferred stock and equity warrants, aiming to acquire a stake of around 67% for JPY3.25 billion. If the bid is successfully concluded, Goodman is expected to be delisted. Nipro will buy each ordinary share for Y337, a 46% premium over Thursday's closing price. Goodman has accepted the tender offer. Itochu Corp, which currently owns 36% of Goodman shares, will not participate. But after the tender offer, Goodman is considering such methods as allocating new shares to Nipro, so Nipro's and Itochu's holdings are expected to result in about 67% and 33%, respectively. 

Company Quote

12.0 +1.20%
1:00am EST