Fujitsu Limited cancelled the acquisition of an additional 84.7% stake in Solekia Limited from a group of sellers.
May 21, 2017
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Fujitsu Limited (TSE:6702) made an offer to acquire an additional 84.7% stake in Solekia Limited (JASDAQ:9867) from a group of sellers for ¥2.6 billion on March 16, 2017. Fujitsu currently holds 2.71% stake in Solekia. As per terms, Fujitsu will acquire 0.74 million shares of Solekia Limited at ¥3,500 per share. The seller group comprises of Totoku Electric Co., Ltd., Freesia Macross Corporation, Resona Bank, Ltd., Totoku Toryo Co., Ltd., Hideyuki Kobayashi, Kimihito Mizumoto, Sadako Kobayashi and Yoshikazu Kobayashi. Totoku Electric Co., Ltd. will sell 4.99% stake, Freesia Macross Corporation will sell 4.32% stake, Resona Bank, Ltd. will sell 2.32% stake, Totoku Toryo Co., Ltd. will sell 1.59% stake, Hideyuki Kobayashi will sell 2.4% stake, Kimihito Mizumoto will sell 2.47% stake, Sadako Kobayashi will sell 2.69% stake and Yoshikazu Kobayashi will sell 2.81% stake. As of March 21, 2017, Beji Sasaki increased the offer per share in his tender offer for 42.22% stake in Solekia Limited to ¥3,700 per share. Fujitsu Limited made a revised offer to acquire an additional 84.73% stake in Solekia Limited from a group of sellers for ¥2.9 billion on March 29, 2017. As of March 29, 2017, Fujitsu increased the offer per share to ¥4,000. As of March 21, 2017, Beji Sasaki increased the offer per share in his tender offer for 42.22% stake in Solekia Limited to ¥3,700. Fujitsu Limited made a revised offer to acquire an additional 84.73% stake in Solekia Limited from a group of sellers for ¥3.6 billion on April 5, 2017. As of April 5, 2017, Fujitsu increased the offer per share to ¥5,000. As of April 12, 2017, Fujitsu increased the offer per share to ¥5,300.
The offer is subject to minimum tender condition. The offer period will commence from March 7, 2017 to April 28, 2017. On April 21, 2017, Fujitsu Limited has changed the offer period from March 17, 2017 to May 10, 2017. As of May 8, 2017 the offer period is extended to May 22, 2017. Daiwa Securities Co., Ltd. acted as valuer for Solekia Limited. Anderson, Mori & Tomotsune Law firm acted as legal advisor for the transaction. SMBC Nikko Securities Inc. acted as financial advisor for Fujitsu Limited.
Fujitsu Limited (TSE:6702) cancelled the acquisition of additional 84.7% stake in Solekia Limited (JASDAQ:9867) from a group of sellers on May 22, 2017. Approximately 0.36 million shares of Solekia Limited were tendered under the offer. Since the minimum tender condition was not fulfilled Fujitsu Limited decided not to acquire shares tendered under the offer.
Solekia Limited is primarily engaged in providing component and device solutions for electronic devices and semiconductors, information-communication technology (ICT) solutions for system integration, and services such as management service and field service. The Company operates in three business segments. The Tokyo Area segment consists of its headquarters and bases located in Tokyo, providing component and device solutions for electronic devices and semiconductors, ICT solutions for system integration, and management and field services. The East Japan segment consists of branches located in East Japan excluding Tokyo area, providing ICT solutions for system integration, and management and field services. The West Japan segment consists of branches located in West Japan, providing component and device solutions for electronic devices and semiconductors, ICT solutions for system integration, and management and field services.
SOLEKIA LIMITED 
