Oji Paper Presses Ahead with Takeover Bid
Oji Paper announced that it will pursue its bid for Hokuetsu Paper Mills, despite the alliance Hokutetsu arranged with Mitsubishi to thwart the takeover. The press release with full details of the offer states that Oji Paper will offer Y800 per share for the shares, representing a 2% premium to the recent closing price. If Hokuetsu's arrangement with Mitsubishi is rescinded, the price would rise to Y860 per share. The tender offer period will extend 34 days to September 4. The bid has attracted much attention, because it represents the first large-scale takeover attempt by a Japanese blue-chip of another.