CITIC Capital Japan to acquire Higashiyama Film

CITIC Capital has announced that it will acquire a majority stake in Higashiyama Film (JASDAQ 4244), a maker of coating films, through a tender offer. The tender offer price is JPY 650, a 12.07% premium over the last 6 month average trading price. The company's founding family has agreed to sell its 55.27% stake in the company through the tender offer. The tender offer value is up to JPY 1.34 billion (USD 14.6 million). The company forecasts its half year sales at JPY 3.4 billion (USD 37 million) and operating profit at JPY 45 million (USD 0.49 million) for the 6 month period ending June 2010.