Japan’s Hisamitsu Pharmaceutical is planning to take the company private in a management buyout for nearly 400 billion yen ($2.55 billion), it said in a filing late on Tuesday.
An entity owned by chief executive Kazuhide Nakatomi is set to offer 6,082 yen per share, the filing said, a premium of some 35% from Hisamitsu’s closing share price of 4,500 yen on Monday, the day before the announcement.
On Wednesday, the shares were untraded with a glut of bids at the daily upper limit of 6,200 yen.
Over the past year Japan has seen a surge in companies taken private under growing pressure from the government and Tokyo Stock Exchange on firms to lift corporate value and improve governance.
($1 = 156.6400 yen)
Reuters
