Kamaya Electric Co., Ltd. made a tender offer to acquire an additional 50.1% stake in Soshin Electric Co.,Ltd. (TSE:6938) from NGK Insulators, Ltd. (TSE:5333) and others for ¥3.6 billion on November 30, 2020. Under the terms of the transaction, Kamaya Electric Co., Ltd. will pay ¥460 per share to acquire 7.8 million shares in Soshin Electric Co.,Ltd. NGK Insulators, Ltd agreed to sell 35.64% stake and retain 5.04% stake in Soshin Electric Co.,Ltd. The purchase price will be funded from Kamaya Electric Co., Ltd.'s own funds and bank loan. The minimum number of shares to be acquired are 5.56 million shares, or a 35.64% stake while maximum number of shares to be acquired through the tender offer is 7.82 million shares or 50.1% stake.

However, if the number of shares tendered does not reach to the minimum number of shares to be acquired 5.56 million shares, Kamaya Electric will not purchase any share tendered. However, when 5.56 million shares have been reached, the quantitative conditions of this public acquisition are still fulfilled & accomplished. The tender offer is not intended to delist Soshin Electric Co's shares.

After the completion of the tender offer, the common stock of Soshin will continue to be listed on the Tokyo Stock Exchange in Japan. The transaction was approved by the Board of Walsin Technology Corporation (TSEC : 2492), parent of Kamaya Electric Co., Ltd. The Board of Directors meeting of Soshin Electric Co. held on November 30, 2020 expressed its support for the tender offer.

The tender offer period will run from December 1, 2020 to January 4, 2021. Lin Shiou Lian of Champion Accountants LLP acted as an accountant for Walsin Technology. Nomura Securities Co., Ltd. acted as tender offer agent in the transaction.

Keiwa Sogo Law Offices acted as legal advisor to the Board of Directors of Soshin Electric Co. Pinyou United Accounting Firm acted as independent third-party calculation institution and provided opinion statement to Kamaya Electric Co. Nomura Holdings, Inc. (TSE:8604) acted as financial advisor to Walsin Technology corporation in the transaction.