Adeka Corporation completed the acquisition of an additional 18.04% stake in Nihon Nohyaku Co., Ltd..
September 18, 2018
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Adeka Corporation (TSE:4401) entered into a tender offer agreement to acquire an additional 18.04% stake in Nihon Nohyaku Co., Ltd. (TSE:4997) for ¥10.9 billion on August 21, 2018. Under the terms of the offer, Adeka will acquire maximum 12.1 million shares at ¥900 per share. Minimum number of shares acquired will be 7.7 million. In a related transaction, Adeka will also acquire 20.9 million new shares of Nihon Nohyaku in an offering at ¥670 per share. Upon completion of the tender offer and offering, Adeka's stake in Nihon Nohyaku will increase from 24.2% to 51% and Nihon Nohyaku will be a 51% owned subsidiary of ADEKA. Nihon Nohyaku will maintain secure independent management, listing on the first section of the Tokyo Stock Exchange and the name of the company. The tender offer period is from August 22, 2018 to September 19, 2018 and settlement will start on September 27, 2018. Nagashima Ohno & Tsunematsu acted as legal advisor and Mizuho Securities Co., Ltd. acted as a third-party appraiser to Nihon Nohyaku. Greenhill & Co. acted as financial advisor to ADEKA Corporation.
Adeka Corporation (TSE:4401) completed the acquisition of an additional 18.04% stake in Nihon Nohyaku Co., Ltd. (TSE:4997) on September 19, 2018. Nomura Securities Co.,Ltd. will make the settlement of the tender offer.
NIHON NOHYAKU CO., LTD. is a manufacturer and sales of agrochemicals, the manufacture of medical products and the gardening, greenery and other construction works and other businesses. The Company operates in three segments. The Agrochemical segment is engaged in the manufacture and sales of insecticides, fungicides, insecticidal fungicides, herbicides, agricultural chemicals. The Chemical Besides Agrochemical segment manufactures and sells chemicals for wood materials, pesticide materials and medicines. The Others segment is involved in the design, construction and supervision of gardening, greenery and other construction works, the leasing of real estate, the distribution and storage of agricultural chemicals, as well as the analysis of agricultural chemical residues on the crops and in the environment.