August 31, 2011
2 Real Estate Group Companies To Go Private via MBO
Tachihi Enterprise Co., Ltd., a listed Tokyo-based real estate developer, and New Tachikawa Aircraft Co., Ltd., a listed airplane-parts maker as well as real estate leasing company, announced that both companies have accepted the tender offers from a private firm set up by the CEOs of both companies. They have had cross-shareholdings since New Tachikawa was spun off from Tachihi in 1949. The TOB price for Tachihi is set at 6,300 yen, a 36.67% premium over its 3 month average. The TOB price for New Tachikawa Aircraft is set at 5,200 yen, a 67.21% premium over its 3 month average. Other major shareholders have agreed to tender their shares. Mizuho Bank is ready to provide up to about 83 billion yen in financing.
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