Shin Nippon Biomedical Laboratories, Ltd. (TSE:2395) made a tender offer to acquire Ina Research Inc. (TSE:2176) from its shareholder for ¥2.7 billion on June 1, 2022. Under the terms, will pay ¥900 for each shares to acquire 2,998,800 shares, subject to the lower limit of 1,999,200 shares in Ina Research. The tender offer will start on June 2, 2022, and will end by July 13, 2022. The transaction is resolved by the board of Ina Research and express its support to the offer June 1, 2022. Ina Research set up a special committee consisting of four members: Kentaro Matsuzaki (Independent Outside Audit & Supervisory Board Member of Ina Research, Certified Accountant, Tax Accountant, Representative of mk Partners Tax Corporation), Yoshikazu Ashibe (Independent Outside Director of Ina Research, Former Chairman of Tenryu Seiki Co., Ltd.), Hisako Sato (Independent Outside Director of Ina Research, Former Director of Children and Youth, Nagano Prefecture) and Masatoshi Urano (Independent Outside Audit & Supervisory Board Member of the Company, Former Full-time Audit & Supervisory Board Member of KOA Corporation), and commissioned this special committee to submit opinions (reports) on this advisory matter. TMI Associates acted as legal advisor to Shin Nippon Biomedical, J Capital Partners, Inc. acted as financial advisor and Nishimura & Asahi acted as legal advisor to Ina Research, and Stand by C Co., Ltd. as a third-party calculation institution independent of Ina Research and Shin Nippon Biomedical.

Shin Nippon Biomedical Laboratories, Ltd. (TSE:2395) completed the acquisition of Ina Research Inc. (TSE:2176) from its shareholders on July 13, 2022. A total of 2.76 milion shares were tendered during the offer, the remaining stake will be acquired through a squeeze out merger.