Japan’s Hoya Corp on Friday announced a counter-bid for Toshiba Corp’s chip-making equipment maker NuFlare Technology, saying it would pay 147.7 billion yen ($1.4 billion) provided Toshiba’s tender offer is unsuccessful.
Hoya said it would pay 12,900 yen per share, compared with Toshiba’s offer of 11,900 yen. Toshiba owns 52.4% of NuFlare and has said it hopes to buy the rest of the company in a corporate restructuring.
Hoya said it plans to buy a minimum 66.67% of NuFlare, meaning Toshiba’s tender of part of its shares was a prerequisite for the deal to go through. Toshiba had no immediate comment.
Even before Hoya’s announcement, Toshiba’s restructuring plan had faced a challenge, with activist investor Yoshiaki Murakami building a 6.2% stake in NuFlare since Toshiba announced the tender offer in mid-November.
Shares in NuFlare jumped 8.7% to 12,970 yen in early trade.