KASAI KOGYO surges limit-up on IKUYO's Stake Acquisition Plan
KASAI KOGYO CO.,LTD. <7256> surged sharply in the afternoon session, remaining bid at its daily limit-up of 345 yen. IKUYO CO.,LTD. <7273> announced at noon on April 22 it will acquire shares in KASAI KOGYO to raise its stake to approximately 15%. IKUYO currently holds around 4.8% and plans to purchase 4,600,000 shares (a 10% stake) via on- and off-market transactions through September. IKUYO, an automotive plastic parts maker with MITSUBISHI MOTORS CORPORATION <7211> as a major client, targets KASAI KOGYO, an interior parts supplier for NISSAN MOTOR CO., LTD. <7201>. The prospect of tighter supply-demand and speculation over peer-to-peer consolidation spurred a flood of buy orders for KASAI KOGYO, while IKUYO shares also traded higher.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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