Valeo Bayen S.A., made a tender offer to acquire an additional 6.1% stake in Ichikoh Industries, Ltd. (TSE:7244) from Toyota Motor Corporation (TSE:7203) on May 9, 2019. Pursuant to the terms, Valeo Bayen S.A., shall acquire around 5.9 million shares. As a result of the transaction, stake of Valeo Bayen S.A., in Ichikoh Industries, Ltd., shall increase from 55.1% to 61.2%.

The transaction is expected to complete on May 10, 2021.