Mitsubishi Corp To Tender Offer For Food Container Maker

Mitsubishi Corporation, a leading trading company, announced that Mitsubishi will conduct a tender offer for shares of Chuo Kagaku Co., Ltd., a listed major manufacturer of plastic food containers. The TOB price is set at 386 yen, a 2.4% premium over its 3 month average. The major shareholders in Chuo Kagaku agreed to tender their shares. Chuo Kagaku will cultivate a fast-growing market in China with support from Mitsubishi and completely get rid of its non-core businesses like its golf-course development. Mitsubishi plans to convert the food container maker into a consolidated subsidiary through this deal.