Ferrotec, the largest vacuum seal maker, announced it will conduct a tender offer for Japan Resistor Manufacturing, a company engaged in fixed resistors and potentiometers. The tender offer price is 1,901 yen, 49.1% above the previous day's closing price of 1,275 yen, with a minimum planned purchase of 618,700 shares and no upper limit. The offer period runs until November 5. Japan Resistor Manufacturing has expressed its approval and recommends that shareholders tender their shares, and the company is expected to be delisted after the tender offer succeeds. Following the announcement, Japan Resistor Manufacturing's share price hit the daily limit-up of 300 yen, rising to 1,575 yen, converging toward the tender offer price.
Ferrotec CorporationFerrotec launches a tender offer for Japan Resistor Manufacturing, an M&A move that expands its business.
Japan Resistor Mfg.Co.Japan Resistor Manufacturing is the target of a tender offer at 1,901 yen, a 49.1% premium to its prior close, and its board recommends tendering.
