Delayed Japan Exchange - 01:00 2022-11-29 am EST
2173.00 JPY +0.05%

Bain Capital, Others Launch $3 Billion Takeover Offer for Hitachi Metals

09/26/2022 | 11:54pm
(MT Newswires) -- Hitachi Metals (TYO:5486) on Monday received a takeover bid of 2,181 yen ($15.1) per share from K.K. BCJ-52, which is owned by a fund advised by Bain Capital Private Equity.

As the suitor aims to purchase 199,332,669 shares of Hitachi through the tender offer, the bid translates to a total price of 434.74 billion yen or $3.01 billion.

The Japanese manufacturer of steel and metal products said the tender will be open for 20 business days from Sept. 27 through Oct. 25.

Once the tender closes and before settlement on Nov. 1, Bain Capital, Japan Industrial Partners, and JIS Japan Industrial Solutions will acquire the parent of the tender offer in the ratio of 77%, 14%, and 9%, respectively.

Mitsubishi UFJ Morgan Stanley Securities is the tender offer agent, according to a Monday filing. Once acquired, Hitachi Metals will be delisted and renamed Proterial, effective Jan. 4, 2023.

Shares gained marginally in the late morning trade on Tuesday.

MT Newswires 2022
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