Maeda Corporation (TSE:1824) made a tender offer to acquire additional 26.3% stake in MAEDA ROAD CONSTRUCTION Co., Ltd. (TSE:1883) for ¥86.2 billion on January 20, 2020. Maeda Corporation will acquire maximum of 21.8 million shares for ¥3,950 per share of common share. Post transaction, Maeda Corporation will own 42.2 million shares representing 51% stake. If the aggregate number of share certificates, etc. tendered to the Tender Offer exceeds the maximum number of shares to be purchased, the Tender Offeror will not conduct the purchase, etc. with respect to all or part of the excess portion, and will acquire share certificates, etc. and effect other settlement procedures for their purchase, etc. using the pro rata method. Maeda Corporation will deliberate the dispatch of directors from Maeda Corporation and further increasing the proportion of MAEDA ROAD CONSTRUCTION's board of directors represented by independent outside directors after the Tender Offer. As of January 24, 2020, MAEDA ROAD opposed the offer of Maeda Corporation, turning the proposal into a hostile bid. The deal is resolved by Board of Maeda Corporation. The offer period is from January 21, 2020 to March 4, 2020. Daiwa Securities Co., Ltd. acted as financial advisor for Maeda Corporation. Daiwa Securities Co., Ltd acted as the tender offer agent in the deal. On February 27, 2020, the offer period is extended to March 12, 2020.

Maeda Corporation (TSE:1824) completed the acquisition of an additional 26.3% stake in MAEDA ROAD CONSTRUCTION Co., Ltd. (TSE:1883) on March 12, 2020.