U.S. investment firm True Wind Capital Management announced a tender offer for Japanese communications equipment maker Sun Corp. on Monday. The firm aims to acquire up to 19% of Sun Corp.’s shares at 4,400 yen ($28.04) per share, a 19% premium over Friday’s closing price. The offer will be open until July 22.
True Wind Capital, known for managing private equity funds, sponsors an Israeli digital forensics company affiliated with Sun Corp. Despite this connection, Sun Corp. stated it had no prior contact with True Wind regarding the tender offer and received no specific conditions or requests. Sun Corp. plans to release its stance on the offer in due course.
In the wake of the announcement, Sun Corp.’s shares soared to 4,390 yen, marking a 19% increase from the previous close. This surge hit the stock’s limit up price and set a new record high since its listing on the Tokyo Stock Exchange.
Notably, Hong Kong fund Oasis Management, which owns 19% of Sun Corp., is not involved in True Wind’s offer. True Wind emphasized that its tender offer is independent of Oasis’s holdings. The move is intended to enhance Sun Corp.’s corporate value in the long term.
