Kinden completed its acquisition of Kodensha as a wholly owned subsidiary. Following completion of the TOB and the share consolidation, the procedures under which Mitsubishi Electric acquired Kodensha shares were completed.
Kinden announced that it would make Kodensha a wholly owned subsidiary and integrated Kodensha’s electrical installation business into its own operations.
The company announced in May that it would acquire Kodensha and conducted a TOB for Kodensha shares from 26 May through 6 July. Following completion of the TOB, Kodensha became an equity-method affiliate of Kinden effective 13 July.
Kodensha conducted a share consolidation on 29 September covering shares that could not be acquired through the TOB.
Subsequently, Mitsubishi Electric acquired Kodensha shares effective the 30th, completing Kinden’s acquisition of Kodensha as a wholly owned subsidiary.