Regulatory Approval and Agreement Termination Risks Related to the Acquisition of NKT Photonics
First written in FY2023-Q2. 1 of 5 entries say "Restated". Latest entry: FY2025-H1.
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- FY2025-H1AchievedAnnual report
「For the business combination with NKT Photonics A/S conducted on 31 May 2024, provisional accounting treatment had been applied in the previous consolidated fiscal year and was finalized during the current interim consolidated accounting period.」
The acquisition of NKT Photonics A/S was completed as a business combination, and the procedures relating to the previous Danish regulatory approval and contract termination risks progressed with completion of the acquisition. - FY2024-Q2MitigatedAnnual report
「The Minister for Industry, Business and Financial Affairs decided to approve the application, and the company received notification from the Danish Business Authority on 6 May 2024 that the acquisition of the shares had been approved.」
Regarding the previous risks of rejection by the Danish authorities and termination of the agreement, the resubmitted application was approved, reducing the regulatory obstacles. However, the acquisition was still pending completion, with completion planned during the third quarter. - FY2024-Q1RestatedAnnual report
「The company proceeded with the procedures required under the legal and regulatory regimes of the relevant countries and obtained approval for the acquisition of the shares from the relevant authorities in Germany, the United Kingdom and the United States. In Denmark, however, the Minister for Industry, Business and Financial Affairs, after consulting with the Minister of Finance, the Minister for Foreign Affairs, the Minister of Justice and the Minister of Defence, decided under the Danish Investment Screening Act to reject the application relating to the acquisition of the shares, and the company received notification of the decision from the Danish Business Authority on 2 May 2023. After holding the necessary discussions internally and with external parties, the company resubmitted an application to the Danish Business Authority on 20 July 2023 for the acquisition of shares to make NKT Photonics A/S a subsidiary of Photonics Management Europe S.r.l. (the company's sub-subsidiary).」
The rejection by the Danish authorities and the resubmission on 20 July 2023 continue to be disclosed. The possibility of costs such as termination fees upon termination of the agreement also remains. - FY2023-Q3Regulatory approval process continued through resubmissionAnnual report
「Subsequently, the Minister for Industry, Business and Financial Affairs of Denmark decided under the Danish Investment Screening Act to reject the application relating to the acquisition of the shares, and the company received notification of the decision from the Danish Business Authority on 2 May 2023. In response, the company resubmitted an application to the Danish Business Authority on 20 July 2023 for the acquisition of shares to make NKT Photonics A/S a subsidiary of Photonics Management Europe S.r.l. (the company's sub-subsidiary).」
While the risk event of rejection by the Danish authorities remained, the company resubmitted the application on 20 July 2023 and continued the approval process. The possibility of costs such as termination fees arising upon termination of the agreement also continued to be disclosed. - FY2023-Q2First statedAnnual report
「In Denmark, the Minister for Industry, Business and Financial Affairs, after consulting with the Minister of Finance, the Minister for Foreign Affairs, the Minister of Justice and the Minister of Defence, decided under the Danish Investment Screening Act to reject the application relating to the acquisition of the shares, and the company received notification of the decision from the Danish Business Authority on 2 May 2023. If this agreement is terminated, costs such as termination fees may arise.」
The Danish authorities rejected the application to acquire NKT Photonics A/S, and the company newly disclosed that costs such as termination fees may arise if the agreement is terminated. The rejection of the application has actually occurred.