Nitto Fuji Flour Milling Co., Ltd. (TSE:2003) made an offer to acquire remaining 69.29% stake in Masuda Flour Milling Co., Ltd. (TSE:2008) from a group of sellers for ¥3.04 billion in September 2017. As of November 10, 2017, Nitto Fuji Flour Milling Co., Ltd. and SHINMEI Co., LTD. entered into a tender offer agreement under which, SHINMEI agreed to tender all of the shares in Masuda Flour i.e. 134,391 shares representing 14.74% stake in the tender offer. As per the terms, Nitto Fuji Flour Milling Co., Ltd. offered ¥4,805 per share for the accepted shares in the offer period. As of November 10, 2017, Nitto Fuji owns 0.28 million shares of Masuda Flour out of approximately 0.91 million shares and intends to make Masuda Flour a wholly owned subsidiary through this tender offer. Under the terms, if the total number of tendered shares equals to or exceeds the minimum number of shares intended to be purchased (327,800 shares), all of the tendered shares will be purchased by Nitto Fuji Flour Milling Co., Ltd. Post-acquisition, shares of Masuda Flour Milling Co., Ltd. might get delisted. No changes in the management are expected. The board of directors of Masuda Flour Milling Co., Ltd. unanimously approved the offer in the directors’ meeting held on November 10, 2017 and recommended its shareholders to tender their shares in the tender offer. The offer period is scheduled between November 13, 2017 and December 25, 2017. An independent special committee was formed to review the transaction. SMBC Nikko Securities Inc. acted as a financial advisor for Nitto Fuji Flour Milling Co., Ltd. and also acted as a tender offer agent in the transaction. KPMG FAS Co., Ltd. acted as a financial advisor and Oh-Ebashi LPC & Partners acted as legal advisor for Masuda Flour Milling Co., Ltd.