Toshiba Corp. acquired an additional 32.3% stake in its partially owned subsidiary NuFlare Technology Inc., purchasing more than the minimum of 1,633,700 shares required to complete the bid.
Following the announcement, Hoya Corp., which offered to buy at least a 66.67% stake in the semiconductor manufacturing equipment provider in December 2019, scrapped its proposal. The additional stake gives Toshiba 84.66% ownership of NuFlare.
Hoya's bid, however, was priced at ¥12,900 per share, representing an 8.40% premium to ¥11,900 per share that Toshiba is currently offering.
Toshiba had extended the tender offer period to Jan. 16 from Dec. 25, 2019, in order for NuFlare's shareholders to consider Hoya's proposal.
As of Jan. 16, US$1 was equivalent to ¥110.17.