Sony Corporation made an offer to acquire the remaining 34.9% stake in Sony Financial Holdings Inc. for approximately ¥400 billion.
The transaction is subject to minimum tender condition. An independent committee comprising of Yoshimichi Makiyama and Shiro Kuniya has been established by Sony Financial to evaluate the transaction. The tender offer will run from May 20, 2020 to July 13, 2020. The transaction, if consummated, is expected to improve the earnings per share of Sony Corporation's consolidated financial results due to the effect of capturing the net income attributable to non-controlling interests. Goldman Sachs Japan Co., Ltd. acted as financial advisor while Nagashima Ohno & Tsunematsu and Cleary, Gottlieb, Steen & Hamilton LLP (Japan) acted as legal advisors to Sony Corporation. Deloitte Tohmatsu Financial Advisory LLC acted as fairness opinion provider to Sony Corporation. Co. Mitsubishi UFJ Morgan Stanley Securities, Ltd. and Plutus Consulting Co., Ltd. acted as financial advisors to the independent board committee of Sony Financial Holdings Inc. Mitsubishi UFJ Morgan Stanley Securities, Ltd. acted as fairness opinion provider to Sony Financial. Oh-Ebashi LPC & Partners and Mori Hamada & Matsumoto acted as legal advisor to Sony Financial. Nomura Securities Co., Ltd acted as tender offer agent in the transaction.