Hoya Proposes Unsolicited Bid for Toshiba Unit
Tokyo, Dec. 13 (Jiji Press)--Hoya Corp. <7741> said Friday it plans to launch a tender offer for NuFlare Technology Inc. <6256>, a Toshiba Corp. <6502> subsidiary producing chipmaking equipment, countering Toshiba's ongoing bid for the unit.
Hoya said it will start the tender offer after certain preconditions are met. These include Toshiba's bid for the unit through another subsidiary ending in failure.
Hoya aims to start buying NuFlare shares in April next year to make it a wholly owned subsidiary. To achieve this, it needs to acquire Toshiba's 52.4 pct stake in the unit.
Hoya has proposed a price of 12,900 yen per share, 1,000 yen higher than the Toshiba side offered. If Hoya acquires all NuFlare shares, the acquisition cost will be 147.7 billion yen.
NuFlare shares stood at 13,330 yen at Friday's close on the Tokyo Stock Exchange's Jasdaq market for startup firms, up 1,400 yen, or 11.74 pct, from Thursday.
[Copyright The Jiji Press, Ltd.]