Life Corporation will conduct a tender offer to acquire Albis and take it private. Life Corporation shares surged, while Furukawa Electric and Idemitsu Kosan also recorded sharp gains. The Nikkei Average is reported to have continued lower.
The Nikkei Average continued to decline. Selling initially prevailed, influenced by the US market on 8 September, but semiconductor stocks attracted buying and the index narrowed its losses in the afternoon session. Across the market, uncertainty over the situation in the Middle East and monetary policy continued to weigh on sentiment.
Life Corporation announced that it would conduct a tender offer to acquire Albis, purchasing Albis shares at ¥3,780 per share. The acquisition is valued at up to ¥26.3 billion, and Life Corporation is expected to acquire 83.4% of Albis and take the company private. Albis shares hit the daily limit-up as they converged on the tender offer price, while Life Corporation shares rose as high as ¥2,830.
Furukawa Electric rose sharply to ¥4,129, up ¥463. The news that US-based Corning had signed a long-term optical-fiber contract with Verizon raised expectations for expanding demand for AI infrastructure, prompting buying across the sector. In the Japanese market, Furukawa Electric, Fujikura and Sumitomo Electric Industries also attracted buying.
Idemitsu Kosan rose to ¥1,660, up ¥117. The gain was apparently driven by concerns over crude oil supplies, after attacks by an armed group and US airstrikes helped push NY crude oil futures to a high on 8 September.