Ferrotec Holdings Corporation (TSE:6890) made an offer to acquire remaining 49% stake in Ohizumi Mfg. Co., Ltd. (TSE:6618) from a group of shareholders for ¥5.9 billion on November 10, 2023. Ferrotec will pay ¥1300 for each share.

Ferrotec intends to finance the transaction with its own funds. A special committee was established for the transaction. The transaction was unanimously approved by the Board of Directors of Ohizumi.

The tender offer period is from November 13, 2023 to December 25, 2023. Nagashima Ohno & Tsunematsu acted as legal advisor and Deloitte Tohmatsu Financial Advisory LLC acted as financial and fairness opinion provider for Ferrotec. U&I Advisory Service Co., Ltd. acted as financial advisor, KPMG FAS Co., Ltd. acted as an accountant while Uryu & Itoga acted as legal advisor for Ohizumi.