Marujun Co. Ltd. cancelled the acquisition of Bestex Kyoei Co.,Ltd. from a group of investors.
September 29, 2014 at 05:00 am
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Marujun Co. Ltd. (NSE:3422) conclude a basic agreement to acquire Bestex Kyoei Co.,Ltd. from a group of investors in stock on December 13, 2013. The investor group comprises of Honda Motor Co., Ltd. (TSE:7267), Best Y.K., The Bank of Tokyo-Mitsubishi UFJ, Ltd., The Mie Bank Ltd. (TSE:8374), Sumitomo Life Insurance Company, Sumitomo Mitsui Trust Bank, Limited, Takaaki Tachiki, Sadaki Tanaka and other shareholders. Bestex Kyoei will merge by the absorption-type merger and Bestex Kyoei will be dissolved. Marujun Co. Ltd's common shares will be issued to Bestex Kyoei's shareholders in accordance with the merger ratio. The merger ratio is scheduled to be decided. Honda Motor Co., Ltd. (TSE:7267) is selling its 20.2% stake in Bestex Kyoei Co.,Ltd., Best Y.K. is selling 9% stake, The Bank of Tokyo-Mitsubishi UFJ, Ltd. is selling 3.4% stake, The Mie Bank Ltd. (TSE:8374) is selling 4.3% stake, Sumitomo Life Insurance Company is selling 2.1% stake, Sumitomo Mitsui Trust Bank, Limited is selling 3% stake.
For the period ending March 2013, Bestex Kyoei Co.,Ltd. 17 reported total assets of ¥13.1 billion, net assets of ¥6.01 billion, sales of ¥13.3 billion, operating profit of ¥806 million and net profit of ¥323 million.
The transaction has been approved by Board of Directors of Marujun Co. Ltd. and Bestex Kyoei Co.,Ltd. The merger contract will be concluded by May 19, 2014. The general shareholders' meeting of Bestex Kyoei Co.,Ltd. to approve the transaction is due on June 16, 2014 and general shareholders' meeting of Marujun Co. Ltd. to approve the transaction is due on June 27, 2014. The transaction is expected to close by October 1, 2014.
As of April 22, 2014, signing of the merger agreement date has been changed from May 19, 2014 to around October 2014, inclusion in agenda and approval of the merger agreement during the BESTEX Kyoei General shareholders' meeting date has been changed from June 16, 2014 to around December 2014, inclusion in agenda and approval of the merger agreement in Marujun's general shareholders' meeting date has been changed from June 27, 2014 to around December 2014, and effective merger date has been changed from October 1, 2014 to April 1, 2015.
Marujun Co. Ltd. (NSE:3422) cancelled the acquisition of Bestex Kyoei Co.,Ltd. from a group of investors on September 29, 2014.
J-Max Co Ltd is a Japan-based company primarily engaged in the manufacture and sale of body stampings and molds for automobiles. The Company operates in four segments. The Marujun segment, Thailand segment, Guangzhou segment and Wuhan segment are engaged in the manufacture and sale of body stampings and precision stampings for automobiles, stamping molds, welding jigs, inspection tools and other equipment in Japan, Thailand and Guangzhou and Wuhan of China. The main products include automobile body stampings such as front pillars, side sills, center pillar inner products, bumpers, hybrid car parts, hood hinges and steering hanger beams, precision parts such as clutch drums, clutch pistons, planetary carriers, belt pulleys and stator holders, various molds, jigs and inspection tools such as front door inner products single and composite inspection tools and others.
J-MAX CO.,LTD. 
