On June 18, Infocom Inc. announced its support for the tender offer by B.X.J.C.-One Holdings, a company whose issued shares are indirectly managed by Blackstone. Infocom’s board has recommended that shareholders tender their shares in this offer.
The tender offer price is set at 6,060 yen per share, with stock acquisition rights priced at 1 yen per unit. The minimum number of shares to be purchased is 5,036,700, representing a 9.14% ownership ratio. If this threshold is not met, none of the tendered shares will be purchased.
Aiming to take Infocom private, there is no upper limit on the number of shares to be purchased. Should the minimum condition be satisfied, all tendered shares will be acquired. Subsequently, a reverse stock split will be utilized to make the tender offeror and Teijin, Infocom’s parent company, the only shareholders.
Teijin has stated it will not participate in the tender offer. Instead, Teijin will transfer all its Infocom shares back to Infocom through a share buyback process. The transfer price for this transaction is expected to be approximately 134.377 billion yen, equating to 4,231 yen per share.
This strategic move aligns with Blackstone’s efforts to consolidate Infocom’s shares, streamlining ownership and potentially driving future growth through private management. Infocom’s endorsement of this tender offer reflects confidence in Blackstone’s management and vision for the company’s future. Shareholders are advised to tender their shares to capitalize on this opportunity.
