Holding group to acquire Mitsubishi Rayon
17/02/2010
Mitsubishi Chemical Holdings has announced that it will launch a bid to buy a stake in Mitsubishi Rayon, offering 380 yen (around $4.17) per share to shareholders, with the offer valid until March 19.
The deal would give the holding company half of the voting rights at Mitsubishi Rayon.
The offer follows an agreement the two companies reached last year to make Mitsubishi Rayon a wholly owned subsidiary of Mitsubishi Chemical.
If Mitsubishi Chemical fails to purchase all outstanding Mitsubishi Rayon shares through the tender offer, it will acquire the remainder through stock swaps.
Mitsubishi Rayon has a Fibres group which produces acrylic, polyester and polypropylene fibres.
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