Ferrotec Corporation
Notice of Commencement of Tender Offer
Initiating a tender offer to fully subsidiary the target company. Starting price is 1,901 yen per share, with eventual acceptance at 1,901 yen after consideration. Intervening with a minimum of 618,700 shares to be acquired. Period from 2026/9/18 to 2026/11/5. Target is Japan Resistors Manufacturing Co., Ltd. (6977, Toyama), FerroTech aiming to acquire all shares of the target to make it a wholly owned subsidiary. DD and independence framework established, decision based on the committee's recommendation. Specific plans for post-tender squeeze-out procedures, share consolidation, and sell-off requests are also described.
Key Figures
- Purchase price: 1,901 yen
- Planned minimum number of shares to acquire: 618,700 shares
- Funds required for purchase, etc.: 2,351 million yen
AI要約
Background and Objective
FerroTech, the tender offeror, has resolved to commence the tender offer on September 18, 2026, with the aim of making Japan Resistors Manufacturing Co., Ltd. a wholly owned subsidiary. The target has seen a decline in revenue and red ink in recent years; FerroTech seeks to create synergies by leveraging its overseas distribution network, automation capabilities, and financial strength.
Tender terms and ensuring fairness
The tender price is 1,901 yen, with a lower limit of 618,700 shares. Based on Deloitte's valuation of the stock and Mizuho Securities' assessment, a framework to ensure fairness is being established. A Special Committee will be formed to ensure independence. Procedures will emphasize shareholder fairness and robust information disclosure.
Ferrotec Corporation
Company overview · Stock price · Financial data · All IR
