Toshiba Tec To Tender Offer For Subsidiary of Yokogawa Elec.

Toshiba Tec. Co., Ltd, a listed manufacturer of information terminals for the retail sector announced that Toshiba Tec made a tender offer for Kokusai Chart Co., a manufacturer of recording chart paper. Kokusai Chart is a consolidated subsidiary of Yokogawa Electric Co., a top-ranked manufacturer of industrial instruments. Toshiba Tec reached an agreement with Yokogawa Elec. to acquire the 54% share in Kokusai Chart. This is a divestment deal for Yokokawa Elec., which will now focus on its core business. The TOB price is set at 330 yen, a 2.7% discount over its 3-month average.