Maruha Nichiro Corporation completed the acquisition of remaining 67.3% stake in Daito Gyorui Co., Ltd. from a group of sellers.
May 27, 2020
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Maruha Nichiro Corporation (TSE:1333) reached an agreement to make a tender offer to acquire the remaining 67.3% stake in Daito Gyorui Co., Ltd. (TSE:8044) from a group of sellers for ¥2.6 billion on March 30, 2020. Maruha Nichiro will acquire approximately 2.1 million shares at ¥1225 per share. Maruha Nichiro has set a minimum of 33.98% stake of the shares to be tendered and the tender offer will commence from March 31, 2020. In addition, Maruha Nichiro has set 34 business days as the tender offer period.
The transaction has been approved by the board of directors of Daito Gyorui and Maruha Nichiro. The transaction is subject to the approval of the shareholders of Daito Gyorui. As on May 22, 2020, Maruha Nichiro Corporation has exceeded the lower limit of the total number of tendered shares. The transaction is expected to be completed by May 28, 2020. A special committee consisting of three members was appointed to advice on the transaction. Mizuho Securities acted as the financial advisor and Mori Hamada & Matsumoto acted as legal advisor to Maruha Nichiro. Trustees Advisory Co., Ltd. acted as the financial advisor and TMI Associates acted as the legal advisor for Daito Gyorui.
Maruha Nichiro Corporation (TSE:1333) completed the acquisition of remaining 67.3% stake in Daito Gyorui Co., Ltd. (TSE:8044) from a group of sellers on May 28, 2020. Daito Gyorui will be delsited
Maruha Nichiro Corporation is a Japan-based company principally engaged in the fishing, aquaculture, food manufacture, processing and sale business. The Company operates in five business segments. Fishery & Aquaculture segment is involved in fishery business, aquaculture business and the procurement of fishery resources. Trading segment is involved in the procurement and sale of marine products and livestock products. Overseas segment is involved in the sale of marine products and processed foods, as well as the producing and sale of surimi. Processing segment is involved in the manufacture and sale of frozen foods, canned foods, fish sausages, chikuwa, desserts, seasonings, freeze-dried products, and chemical products. Logistics segment stores and transports frozen products. The Company is also involved in the feed storage, shipping, real estate business, as well as the manufacture and sale of furs and pet foods.