TOKYO (Reuters) - Toshiba Corp (6502.T) said on Friday its board had decided not to accept Hoya’s (7741.T) tender offer for NuFlare Technology Inc (6256.T), saying the chip equipment unit was core to the group.
Toshiba, which holds 52.4% of NuFlare, also said in statement there was no change to its own tender offer to take full control of NuFlare.
Optical products maker Hoya has offered 12,900 yen per NuFlare share or $1.4 billion - a rare unsolicited bid in Japan, topping Toshiba’s offer of 11,900 yen for each share it does not own.
It wants at least two-thirds of NuFlare, meaning Toshiba would need to sell part of its stake.
Reporting by Makiko Yamazaki; editing by David Evans