Technoglobal Inc. made an offer to acquire an additional 9.6% stake in Xinhua Holdings Limited (TSE:9399) for approximately ¥200 million on March 2, 2015. The offer per share is ¥900. The purchase commission in the transaction is ¥10 million. Offer period will be from March 3, 2015 to April 20, 2015, settlement starts on April 27, 2015. As of March 16, 2015, Xinhua Holdings Limited announced the decision to withhold the expression of its opinion on the tender offer as resolved by the Board of Directors. Meijidori Management Institute Co., Ltd. acted as independent third-party appraiser for Technoglobal Inc. As of April 9, 2015, Xinhua Holdings Limited is against the takeover bid from Technoglobal Inc. Phillip Securities Japan acted as tender offer agent.

Technoglobal Inc. completed the acquisition of an additional 9.6% stake in Xinhua Holdings Limited (TSE:9399) on April 20, 2015. Technoglobal Inc. increased its stake from 0.19 million shares to 0.41 million shares. There was an application for 0.52 million shares in the tender offer, however, the maximum expected number of shares to be purchased through proportionate method is 0.22 million shares.