ASO Corporation completed the acquisition of the additional 36.1% stake in Tohto Suisan Co., Ltd. from a group of sellers for ¥6.6 billion.
December 21, 2020
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ASO Corporation made an offer to acquire the remaining 98.84% stake in Tohto Suisan Co., Ltd. (TSE:8038) from a group of sellers for ¥18.1 billion on November 9, 2020. ASO Corporation will acquire 3.9 million shares at a price of ¥4550 per share. If tender offer is successful, ASO plans to receive an investment of ¥18.5 million from Asabu and will use the funds to fund the settelment of the tender offer and incidental costs. The minimum number of shares to be purchased is 1.33 million shares. Although ASO does not intend to delist Tohto Suisan's shares, ASO has not set a maximum number of shares to be purchased in the offer, so depending on the outcome of the tender offer, Tohto Suisan's shares may fall under the delisting criteria set by the exchange, and Tohto Suisan's shares may be delisted. The tender offer will run from November 10, 2020 to December 22, 2020. After the completion of the Tender Offer, ASO has the right to appoint one outside director of the target company. In the target Board of Directors meeting held on November 9, 2020, seven directors provided unanimous consent.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Kabucom Securities Co., Ltd. acted as tender offer agents in the transaction. OMM Law Office acted as legal advisor to Tohto Suisan. Yamada Consulting acted as independent valuer in the deal.
ASO Corporation completed the acquisition of the additional 36.1% stake in Tohto Suisan Co., Ltd. (TSE:8038) from a group of sellers for ¥6.6 billion on December 22, 2020. During the offer, approximately 1.45 million shares were tendered. The settlement of the tender offer will start of December 29, 2020.
Maruha Nichiro Corporation is a Japan-based company principally engaged in the fishing, aquaculture, food manufacture, processing and sale business. The Company operates in five business segments. Fishery & Aquaculture segment is involved in fishery business, aquaculture business and the procurement of fishery resources. Trading segment is involved in the procurement and sale of marine products and livestock products. Overseas segment is involved in the sale of marine products and processed foods, as well as the producing and sale of surimi. Processing segment is involved in the manufacture and sale of frozen foods, canned foods, fish sausages, chikuwa, desserts, seasonings, freeze-dried products, and chemical products. Logistics segment stores and transports frozen products. The Company is also involved in the feed storage, shipping, real estate business, as well as the manufacture and sale of furs and pet foods.
MARUHA NICHIRO CORPORATION 
