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METALART surges to daily limit as stock converges toward tender offer price by SPARX Group affiliate
METALART CORPORATION <5644> is indicated at a limit-up buy price of 6,480 yen. After the market close on the 14th, SPARX Group Co., Ltd. <8739> announced that it will launch a tender offer (TOB) for METALART through its fund to take the company private. The offer price is set at 7,600 yen, with METALART's stock price converging toward this level.
The minimum number of shares to be purchased is 867,000 shares, with no upper limit. If successful, METALART will be delisted from the exchange. The tender offer period runs from May 15 to June 25. METALART, a major supplier to Daihatsu Motor, has expressed support for the bid. The Tokyo Stock Exchange designated the company as a security under supervision as of the 14th.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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