June 29, 2023 | Technology | Asia | Active

JSR / JIC: Deal Insights

Government-backed Japan Investment Corp. (“JIC”) has reached an agreement to acquire Tokyo-based semiconductor equipment maker JSR for JPY 4,350 per share, representing a one-day premium of 34.5%. News of JIC’s approach was initially reported in Nikkei on 24-Jun-23 and was subsequently confirmed by JSR. After a board meeting on 26-Jun-23 and after having received valuation reports from Mizuho Securities and Mitsubishi UFJ Morgan Stanley Securities, JSR’s board unanimously decided to support the offer and intends to recommend shareholders to tender their shares. The transaction will be structured as a tender offer and the companies expect to launch the offer in late December 2023, with a duration of 20 business days, as mandated by statutory minimum requirements. Activist fund ValueAct Capital ...

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