Hoya mounts $1.4b counter-bid for Toshiba unit NuFlare

Photo by Alexandre Debiève on Unsplash

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.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.