German speciality glass maker Schott AG said on 24 September that it will launch a tender offer for Japanese optical equipment maker Moritex Corp., with the aim of acquiring more than 50% of outstandi…
German speciality glass maker Schott AG said on 24 September that it will launch a tender offer for Japanese optical equipment maker Moritex Corp., with the aim of acquiring more than 50% of outstanding Moritex shares. Under the tender offer, running from Thursday 25 September until 23 October, Schott intends to acquire a 51% stake in Moritex at JPY 740 per share for a maximum total of about JPY 5 billion. Moritex, which has announced that it will agree to the bid, plans to expand overseas operations under the control of Schott, which currently holds a 2.23% stake in the Japanese company. Moritex expects to welcome two board directors from Schott. If Schott fails to obtain at least 33% of Moritex outstanding shares, it will not purchase the offered shares.