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KOEI CHEMICAL surges in afternoon session as SUMITOMO CHEMICAL to acquire it through share swap
Koei Chemical <4367> surged in afternoon trading on May 13 after parent company Sumitomo Chemical <4005> announced it would make the firm a wholly owned subsidiary through a share swap. Sumitomo Chemical will allocate 4.91 of its shares for each share of Koei Chemical, pushing the latter's stock price toward the theoretical value calculated from the exchange ratio. The transaction is scheduled to take effect on August 1, pending approval at Koei Chemical’s annual general meeting of shareholders on June 25. Koei Chemical is expected to be delisted on July 30. Through the integration, Sumitomo Chemical aims to utilize Koei Chemical’s multi-plant facilities to accelerate the expansion of its advanced low-molecular CDMO (contract development and manufacturing organization) business.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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