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TOKYO, Mar 6, 2019 - (JCN Newswire) - Hitachi, Ltd. (TSE: 6501), is currently conducting a public tender offer to acquire all issued shares of Yungtay Engineering Co., Ltd. (TWSE: 1507), an elevator and escalator company based in Taiwan, via Hitachi Elevator Taiwan Co., Ltd., a wholly owned subsidiary of Hitachi. Hitachi Elevator Taiwan Co., Ltd. decided to extend the period of this public tender offer (originally from January 17, 2019 to March 7, 2019) to April 22, 2019. Today, Hitachi applied to the Financial Supervisory Commission (FSC) regarding this extension.
The application of this extension was made in view of the fact that examinations by relevant government authorities (approval for investment by foreign nationals from the Investment Commission under the Taiwan Ministry of Economic Affairs, and decision by the Taiwan Fair Trade Commission that they will not prohibit the merger) are expected not to be completed by March 7, in compliance with Paragraph 2 of Article 18 of the Regulations Governing Public Tender Offers for Securities of Public Companies.
For any competitive public tender offer for securities issued by a public company, a report of public tender offer must be filed with the FSC and a public announcement must be made at least five trading days prior to the expiry date of the original public tender offer period, according to Paragraph 2 of Article 7 of the Regulations Governing Public Tender Offers for Securities of Public Companies. Competitive public tender offers regarding this matter have not been confirmed five trading days prior to the expiry date of the original public tender offer period (February 26, 2019), and there is no possibility that a competitive public tender offer will be made from this point on.
Hitachi, as the sole offeror during this public tender offer period, intends to acquire all issued shares of Yungtay, and incorporate Yungtay as a wholly owned subsidiary. There are no changes in the conditions of this public tender offer other from the public tender offer period.
Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111
Topic: Press release summary
Source: Hitachi, Ltd.
Sectors: Engineering
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From the Asia Corporate News Network
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