Tokuda Ace Co., Ltd. completed the acquisition of Mashimo Ace K.K. from Sugita Ace Co., Ltd. and other sellers.
October 01, 2013 at 05:00 am
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Tokuda Ace Co., Ltd. entered into merger contract to acquire Mashimo Ace K.K. from Sugita Ace Co., Ltd. (JASDAQ:7635) and other sellers in stock on July 24, 2013. Tokuda Ace Co., Ltd. will issue 1.2 shares for each share of Mashimo Ace and will issue total of 0.11 million shares. Sugita Ace Co., Ltd. will sell its 99.95% stake. Mashimo Ace will be merged into Tokuda Ace. Tokuda Ace Co., Ltd. will change its name to Tokuda Mashimo Ace Co., Ltd after the acquisition. The transaction is subject to be approval from the shareholding commission of Tokuda Ace and Mashimo Ace. A meeting of shareholders will be held on August 23, 2013. Board of Directors of Tokuda Ace and Mashimo Ace passed a resolution for the transaction on July 24, 2013. The transaction is expected to close on October 1, 2013.
Tokuda Ace Co., Ltd. completed the acquisition of Mashimo Ace K.K. from Sugita Ace Co., Ltd. (JASDAQ:7635) and other sellers on October 1, 2013. The name of Tokuda Ace has been changed to Tokuda Mashimo Ace Co., Ltd.
SUGITA ACE CO., LTD. is engaged in the sale of construction hardware and construction-related materials. The Company operates in three business segments. The Root segment is engaged in the sales of residential materials and building materials to secondary wholesale stores, hardware stores and construction material stores. The Engineering segment offers residential materials and building materials to construction material stores and sales construction stores, takes into account the added value of design, processing, construction based on the unique know-how. The Direct Needs segment is engaged in the sales of do it yourself (DIY) products, original equipment manufacturer (OEM) related materials and other products for general retailers such as home centers, mail order companies and department stores.