May 11, 2021 | Industrials | Asia | Active

Hitachi Metals / Bain Capital-led Consortium: New Deal Insights


On 28-Apr-21, Hitachi Metals agreed to a tender offer from a Bain Capital-led consortium that also includes Japan Industrial Partners (JIP) and Japan Industrial Solutions (JIS). The JPY 2,181 per share offer represents a one-day premium of 15.1% over the previous day’s close and a 74.5% premium to when speculation arose that its parent and 53.38% shareholder, Hitachi (6501 JP), planned to sell its listed subsidiaries, back in October 2019. Under the deal terms, only after the consortium receives all required approvals will the tender offer commence, which it expects will be “around late November 2021”, and the offer will be open for 20 business days. After completion of tender offer, the consortium will purchase all shares from Hitachi through a share repurchase at ... Deal risks assessed in this research report: • Antitrust scrutiny, leading to delays • Operating underperformance at Hitachi Metals over the life of the deal



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