Mitsubishi Gas Chemical Company, Inc. (TSE:4182) made an offer to acquire further 31.01% stake in Japan U-Pica Company,Ltd. (JASDAQ:7891) from Toyobo Co., Ltd. (TSE:3101) and others for ¥2.6 billion on February 5, 2020. The consideration includes cash payment of ¥3000 per share by acquiring 852,869 shares of the company. After this offer, Mitsubishi Gas Chemical Company will directly own 69.04% stake in Japan U-Pica Company,Ltd and will operate as a subsidiary of Mitsubishi Gas Chemical Company.

An independent special committee has been formed by board of directors of Japan U-Pica Company and board of directors recommends shareholders in favor of the transaction. Mitsubishi Gas Chemical Company will also look for squeeze-out of all the remaining shares which will not tendered under the offering period after the approval of shareholders. After this offer, Japan U-Pica Company may apply for delisting of its shares from stock exchange.

The tender period start from February 6, 2020 to March 23, 2020. Baker & McKenzie acted as legal advisor to Japan U-Pica Company.