U.S. fund begin takeover bid for Japanese mushroom producer
Bain Capital plans to purchase 35,872,368 Yukiguni Maitake shares, or about 92 percent of the total outstanding shares, at ¥245 a piece from owners in a bid to make the company a wholly owned subsidiary eventually, according to a letter sent to Yukiguni Maitake by the fund dated Monday.
The fund said it would announce whether to actually launch the tender offer on Tuesday, the envisaged start of the 30-market-day purchasing period.
The cost to obtain all Yukiguni Maitake shares is estimated at about ¥9.5 billion, informed sources said.
In a related move Monday, Daishi Bank, based in the city of Niigata, said it will acquire a 38.24 percent equity stake in Yukiguni Maitake in terms of voting rights by exercising its lien on shares held by founding family members, such as Yoshinobu Odaira, former president of the company.
After the acquisition of the shares, the bank will sell them to Bain Capital together with a stake of 0.81 percent it already has owned, Daishi Bank said.
Source: www.japantimes.co.jp