Tender offer for 日東化工, with its circular economy business positioned as a growth area
First written in FY2023-Q2. 2 of 4 entries say "Cited as achieved", first in FY2024-Q3. Latest entry: FY2024.
No other company in this theme has enough history to compare yet.
- FY2024Cited as achievedAnnual report
「Meanwhile, the integration of 日東化工株式会社 into the Group, increased recovery volumes of gold and silver residues associated with higher volumes of incinerator ash collected, and strong clean-up and demolition work contributed to profit.」
The Company confirms on an annual basis that the integration of 日東化工, acquired as a growth opportunity in the CE business, contributed to profit in the resource recycling business, together with the recovery of gold and silver residues from incinerator ash and clean-up and demolition work. - FY2024-Q3Cited as achievedAnnual report
「The development of a system for sorting profitable materials such as incinerator ash, together with the addition of Nitto Kako to the Group, contributed to revenue and profit.」
The disclosure states that the integration of 日東化工 into the Group contributed to revenue and profit in the resource recycling business. - FY2023-Q3AchievedAnnual report
「As a result of the tender offer, 日東化工株式会社 became a consolidated subsidiary of the Company on 4 April 2023, the settlement date of the tender offer.」
The tender offer for 日東化工株式会社 was completed as part of making the CE business a growth area and using external resources through M&A, and the company became a consolidated subsidiary on 4 April 2023. The percentage of voting rights acquired was 83.71%, and the acquisition cost was ¥1,573 million. - FY2023-Q2First statedAnnual report
「The Company defines businesses that can manufacture recycled materials and products using waste-derived raw materials as circular economy (CE) businesses within the Group's business portfolio and has designated CE businesses as a future growth area for the Group. In expanding these businesses proactively, the Company intends to pursue both autonomous growth through the use of existing management resources and non-organic growth through the use of external resources, primarily through M&A. The Company believes that 日東化工's joining the Group will enable both companies to expand their businesses on a mutually beneficial basis.」
The Company resolved to commence a tender offer to make 日東化工株式会社 a wholly owned subsidiary. The purchase price is ¥490 per share, the number of shares scheduled to be purchased is 3,837,482, the minimum number of shares scheduled to be purchased is 2,558,300 (66.67% ownership), the tender offer period is from 13 February to 28 March 2023, and the purchase consideration is ¥1,880 million. This marked the start of the use of external resources, primarily through M&A, in the CE business as a specific transaction.