Shionogi to acquire Torii Pharmaceutical; Torii backs offer

Torii Pharmaceutical (TSE:4551) announced its support for the tender offer by Shionogi & Co., Ltd. to acquire all of its outstanding shares, aiming to make Torii a wholly-owned subsidiary, in a deal valuing Torii shares at JPY6,350 apiece. Torii's board recommends that shareholders tender their shares in the tender offer. Completion of the tender offer is subject to approval from regulatory bodies and the offeror acquiring at least two thirds of Torii's outstanding shares.