Furukawa Battery tender offer delayed to June

Furukawa Electric announced a delay in the tender offer for its subsidiary, Furukawa Battery, by AP78 Co., Ltd., a subsidiary of Sustainable Battery Holdings. Originally slated for late March 2025, the offer is now expected in late June, due to ongoing regulatory procedures related to competition laws in Japan. While similar regulatory processes in Thailand concluded on January 30, 2025, the necessary steps in Japan are still pending. The tender offer, if successful, will result in Furukawa Electric and AP78 being the sole shareholders of Furukawa Battery after a share consolidation. Furukawa Electric plans to sell its entire stake (18,781,200 shares) in Furukawa Battery through a share buyback program contingent upon the consolidation. The company is currently assessing the impact of this delay on its financial outlook and will update the market if necessary.