Nakayama Steel Works, Ltd. completed the acquisition of remaining 59.71% stake in Nakayama Mitsuboshi Steel Products, Ltd from a group of investors.
July 09, 2013 at 12:00 am
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Nakayama Steel Works, Ltd. (TSE:5408) agreed to acquire remaining 59.71% stake in Nakayama Mitsuboshi Steel Products, Ltd from a group of investors for ¥4.8 billion on March 7, 2013. On March 28, 2013, Nakayama Steel Works, Ltd entered into a share exchange agreement to acquire the remaining stake. The group of investors includes Nankai Chemical Co., Ltd., Amagasaki Seikan Co., Ltd., Kansai Tekko Co.,Ltd., Kansai Trust Co.,Ltd, Mitsuboshi Kaiun Kaisha, Ltd., Nakayama Trading Co.,Ltd., Mitsuboshi Shoji Co., Ltd. and two unknown sellers. Nakayama Steel Works will issue 177 shares for every share of Nakayama Mitsuboshi Steel. In related transactions, Nakayama Steel Works agreed to acquire remaining stake in Nakayama Trading Co., Ltd, Mitsuboshi Shoji Co., Ltd, Mitsuboshi Kaiun Kaisha, Ltd and Sansen-Shear Co., Ltd.
Nakayama Mitsuboshi Steel Products, Ltd. reported net assets of ¥11.53 billion, total assets of ¥18.06 million, net sales of ¥19.59 billion, operating income of ¥224 million and net income of ¥217 million for year ending March, 2012. The deal is subject to approval of shareholders of Nakayama Mitsuboshi Steel.
The Board of Directors of Nakayama Steel Works passed a resolution for the transaction on March 28, 2013. The ordinary annual shareholders' meeting of subsidiaries is scheduled on June 18, 2013. A meeting of shareholders of Nakayama Steel Works will be held on June 18, 2013. The transaction was approved by shareholders of Frontier Management Inc. and Yamada FAS Co., Ltd acted as third party appraiser for the transaction.
Nakayama Steel Works, Ltd. (TSE:5408) completed the acquisition of remaining 59.71% stake in Nakayama Mitsuboshi Steel Products, Ltd from a group of investors on July 9, 2013.
Nakayama Steel Works, Ltd. is a Japan-based company mainly engaged in the manufacture and sale of steel. The Company operates through three business segments. The Steel segment is involved in the manufacture and sale of primary steel products and secondary processed products, including steel strips such as hot-rolled steel strips, thick plates and intermediate plates, steel bars such as wire rods, bar-in coils and rebar, steel slabs and by-products. The Engineering segment is involved in the order and sale of steel fish reefs, breeding reefs, rolls, valves and others, as well as the process and assembly of machines. The Real Estate segment is involved in the lease and sale of the real estate.
NAKAYAMA STEEL WORKS, LTD. 
