Mitsubishi Logistics To Make Tender offer For Fuji Logistics

Mitsubishi Logistics Corp., a listed major warehousing company announced that it will launch a tender offer for Fuji Logistics Co., another listed distributor, for 450 yen a share. This price is a 140% premium over its 3-month average. Fuji Logistics's top two shareholders, Fuji Electric Holdings Co. with a stake of 27.4% and Toyota Industries Corp. with 26%, have agreed to accept the offer. Mitsubishi Logistics intends to make Fuji its subsidiary through this operation. Fuji's customer base (Fuji Elec. group) and its expertise on manufactured products complement Mitsubishi's business portfolio.