Idemitsu Kosan acquires major stake in SDS Biotech in Japan

Idemitsu Kosan acquires major stake in SDS Biotech in Japan

10:17 AM, 13th June 2011
Idemitsu Kosan acquires major stake in SDS Biotech in Japan

TOKYO, JAPAN: Idemitsu Kosan started a tender offer on May 11, 2011 to acquire common shares and new share subscription rights of SDS Biotech K K, an agricultural chemicals company listed in the Tokyo Stock Exchange for the purpose of making SDS Biotech a consolidated subsidiary of the company. It closed the transaction on June 8, 2011.

 

As a result of the tender offer, SDS Biotech is to be the consolidated subsidiary as of June 15, 2011, a date when the settlement associated with the tender offer commences.

 

In the tender offer, Idemitsu said no purchase would be made if the total number of shares offered could not reach the minimum number of shares to be purchased (4,181,500 shares). However, as the total number of shares offered exceeded the minimum number, the company decided to purchase all the shares offered. The purchase price is 960 yen per common share, the company informed.

(C) WOC News

 

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