Hokuriku Electric Industry Co.,Ltd.
Notice of Expression of Support and Recommendation to Tender in Relation to the Tender Offer for Our Shares by BCJ-116 Co., Ltd.
The board resolved to express support for the TOB and recommend that shareholders tender their shares. The bidder is BCJ-116 (a Bain Capital-led private equity fund group). The offer price is 4,180 yen per share, the minimum number of shares to be purchased is 5,232,600 shares, the offer period is 30 business days, and the purpose is privatization. After due diligence involving multiple potential bidders, Bain Capital was selected as the final bidder. The plan is to maximize medium- to long-term value by maintaining the current management team while strengthening personnel, organization, and overseas expansion with Bain Capital's support. The board resolved to express support and recommend tendering. Organizational restructuring and squeeze-out procedures are planned following the completion of the TOB.
Key Figures
- Offer price: 4,180 yen
- Minimum number of shares to be purchased: 5,232,600 shares
- Final candidate: Bain Capital
AI要約
Background of the TOB and Proposal Details
Hokuriku Electric Industry Co.,Ltd. has expressed support for the tender offer for its common shares by BCJ-116 and resolved to recommend that shareholders tender their shares. The purchase aims at privatization, with an offer period of 30 business days and an offer price of 4,180 yen per share. The minimum number of shares to be purchased is 5,232,600 shares, and no maximum is set. The bidder group is a private equity fund consortium led by Bain Capital, which, against a backdrop including adjustments to interim dividends for the fiscal year ending March 2027, is considering business restructuring and capital policy changes.
Ensuring Fairness and Management Policy
This matter was presented following a competitive process among multiple candidates. The special committee, with advice from financial and legal advisors, selected Bain Capital's proposal as the final candidate, determining it to best enhance shareholder value. After the TOB is completed, squeeze-out procedures will be considered, and Bain Capital will support a medium- to long-term strategy centered on retaining the current management team while promoting overseas expansion and strengthening human resources.
Hokuriku Electric Industry Co.,Ltd.
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