Kanematsu Corporation (TSE:8020) made an offer to acquire remaining 69.17% stake in KANEYO Co.,Ltd. (TSE:3209) from others for approximately ¥870 million on November 11, 2019. Kanematsu offer to pay ¥900 for each share of KANEYO. Kanematsu already holds 30.8% stake in KANEYO. The transaction is expected to close on December 24, 2019. KANEYO established an independent special committee and it consists of Osamu Okawa, Fumio Iwamoto and Junji Mimura. Daiwa Institute of Research Ltd. acted as financial advisor and Kitahama Partners acted as legal advisor to KANEYO. Daiwa Securities Co., Ltd acted as tender offer agent for the transaction. Mitsubishi UFJ Trust and Banking Corporation acted as financial advisor to KANEYO.

Kanematsu Corporation (TSE:8020) completed the acquisition of 56.5% stake in KANEYO Co.,Ltd. (TSE:3209) from others for approximately ¥710 million on December 24, 2019