Taking the listed subsidiary private by tendering TOTOKU CO., LTD. shares in a tender offer
First written in FY2023-Q2. 1 of 2 entries say "Achieved", first in FY2023-Q3. Latest entry: FY2023-Q3.
- FY2023-Q3AchievedAnnual report
「Thereafter, we tendered the shares in this tender offer pursuant to the tender agreement, and the tender offer was completed on 21 December 2022. In addition, 東特 was excluded from the scope of consolidation as of 28 December 2022, the commencement date of settlement for this tender offer.」
The tender offer for the privatization of 東京特殊電線 was completed, and the company and its subsidiaries were excluded from the scope of consolidation as of 28 December 2022. - FY2023-Q2First statedAnnual report
「At a meeting of its Board of Directors held on 8 November 2022, the company resolved to enter into an agreement to tender all of the 東京特殊電線 shares it held in the tender offer by TTCホールディングス株式会社 (TTC), a company wholly owned by TTC Holdings, L.P., a special limited partnership established under the laws of the Cayman Islands on 2 June 2021 and an investment fund belonging to The Carlyle Group. The tender offer is being conducted as part of a transaction to take 東京特殊電線株式会社, the company's consolidated subsidiary, private. The company entered into the tender agreement on the same date.」
As a specific measure to review its business portfolio, the company entered into an agreement to tender all 3,847,248 shares of 東京特殊電線 it held, representing 57.28% of voting rights, in a tender offer priced at ¥5,660 per share. The tender offer period was from 9 November to 21 December 2022, with settlement scheduled to begin on 28 December. Following completion, 東京特殊電線 was expected to cease being a consolidated subsidiary. Upon completion of the tender offer, the company expected to record a ¥10.7 billion gain on the sale of investment securities as extraordinary income.