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Japan’s JIC to acquire Fujitsu’s semiconductor packaging company Shinko Electric through TOB

( December 12, 2023, 10:00 GMT | Official Statement) -- MLex Summary: Japan’s state-backed fund, Japan Investment Corporation announced its plan to buy Shinko Electric Industries, a leading manufacturer of semiconductor packaging, through a tender offer. JIC has joined DaiNippon Printing and Mitsui Chemicals to buy the Nagano city-based company in the central Japan, for 684.9 billion yen ($4.7 billion), from Shinko shareholders (400 billion yen) and Fujitsu, which now owns 50.02 percent of stake. The goal is to delist Shinko to increase its corporate value in the long term, as the Japanese government seeks to promote domestic supply of semiconductors. JIC aims to start the tender offer from August, 2024, but the actual timing will be announced when it’s decided, depending on regulatory clearances. The deal is believed to require competition authorities’ approvals in Japan, China, South Korea and possibly Vietnam, as well as foreign investment screening by the US. The statement is attached....

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