Toshiba Electronic Devices & Storage Corporation made an offer to acquire remaining 47.6% stake in NuFlare Technology, Inc. (JASDAQ:6256) from a group of sellers for ¥64.9 billion on November 13, 2019. Under the term, Toshiba Electronic Devices & Storage Corporation will pay 5.45 million shares of NuFlare Technology for ¥11,900 per share. Post completion, NuFlare Technology will operate as a wholly owned subsidiary of Toshiba Electronic Devices & Storage Corporation. The transaction was resolved by the board of directors of Toshiba Corporation on November 13, 2019. As of January 15, 2019, Toshiba Machine Co., Ltd. (TSE:6104) Board of Directors resolved to sell 1.8 million shares in the offer. Post sale, Toshiba Machine Co., Ltd. will hold no stake in NuFlare . The commencement of the tender offer will start on November 14, 2019 and end on December 25, 2019. As of December 23 , 2019, Toshiba Corporation (TSE : 6502), parent of Toshiba Electronic Devices & Storage Corporation, decided to extend the tender offer period until January 16, 2020.

Deloitte Tohmatsu Financial Advisory LLC acted as a fairness opinion provider of NuFlare Technology. Nomura Securities Co., LTD. acted as a tender offer agent. Nomura Securities Co., Ltd. acted as financial advisor and Nishimura & Asahi acted as legal advisor for Toshiba Electronic Devices & Storage Corporation.

Toshiba Electronic Devices & Storage Corporation completed the acquisition of 32.26% stake in NuFlare Technology, Inc. (JASDAQ:6256) from a group of sellers for ¥43.9 billion on January 16, 2020. Toshiba will take steps to acquire all the remaining NuFlareshares.