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Hitachi sweetens tender offer for Yungtay Engineering

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Hitachi sweetens tender offer for Yungtay Engineering

Hitachi Ltd. increased its public tender offer for all issued shares of elevator and escalator company Yungtay Engineering Co. Ltd. that it does not currently own to NT$65.0 per share from NT$60.0 per share.

The new offer represents a 32.2% premium to Yungtay Engineering's closing price Oct. 25, 2018, the day before the public tender offer was announced.

Under the offer, Hitachi plans to acquire Yungtay Engineering's issued shares through wholly owned subsidiary Hitachi Elevator Taiwan Co. Ltd. The Hitachi group held an approximately 11.7% stake in Yungtay as of Jan. 16, with Hitachi Ltd. owning a 7.8% stake and Hitachi Building Systems Co. Ltd. holding 3.9%.

The tender offer period ends April 22.

KGI Securities Co. Ltd. is the agent for the tender offer.

As of March 22, US$1 was equivalent to NT$30.89.