Hulic launches $48m tender offer for Koken Boring Machine

Hulic Co., Ltd. (TSE:3003) has announced a tender offer to acquire all outstanding shares of Koken Boring Machine (TSE:6297) for JPY764 per share, valuing the company at JPY6,436 million (USD48 million). Koken's board has expressed its support for the offer, recommending shareholders tender their shares. Hulic intends to acquire all shares, excluding those already held by Koken officers and treasury shares, and to eventually delist Koken from the Tokyo Stock Exchange standard market. The tender offer is conditional on securing at least 50% of the outstanding shares.