Kanematsu Corporation (TSE:8020) made a tender offer to acquire the remaining 47.11% stake in Kanematsu Sustech Corporation (TSE:7961) from a group of sellers for ¥4.4 billion on January 27, 2023. As reported, Kanematsu Corporation offered to purchase 1,952,300 shares of Kanematsu Sustech Corporation at a price of ¥2,250 per share. The tender offer will be financed through cash on hand. The tender offer is subject to a minimum of 0.57 million shares being tendered in the offer. If tKanematsu Corporation is unable to acquire all of the Kanematsu Sustech shares through the tender offer,Kanematsu Corporation may, after the completion of the tender offer, implement a series of procedures (“Squeeze-Out Procedures”) will be implemented to make Kanematsu Sustech’s shares private, with Kanematsu Corporation being the sole shareholder of Kanematsu Sustech Corporation. The tender offer will commence on January 30, 2023, and close on March 13, 2023. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Kanematsu Corporation and TMI Associates acted as legal advisor to Kanematsu Corporation. Mizuho Securities Co., Ltd. acted as financial advisor and City-Yuwa Partners acted as legal advisor to Kanematsu Sustech Corporation.

Kanematsu Corporation (TSE:8020) completed the acquisition of remaining 47.11% stake in Kanematsu Sustech Corporation (TSE:7961) from a group of sellers on March 20, 2023. As a result of the tender offer, Kanematsu Corporation came to own 89.86% of Kanematsu Sustech’s shares as of March 20, 2023. Based on the result of the above tender offer, Kanematsu Corporation requested KSU to consolidate its shares pursuant to Article 180 of the Companies Act. Kanematsu Corporation is currently in the process of taking procedures to acquire all shares of Kanematsu Sustech Corporation. The MSO completion date is planned as June 1, 2023.