Japan State-Backed Fund to Launch Tender Offer for JSR Shares on March 19
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2024/03/2024-03-04T012600Z_1497826619_RC2ZQ1A9IIBA_RTRMADP_3_JSR-M-A-JIC.jpg)
Japan Investment Corporation’s logo is pictured at its headquarters in Tokyo, Japan, June 26, 2023.
17:55 JST, March 18, 2024
TOKYO (Reuters) – Japanese chip materials maker JSR 4185.T said on Monday that state-backed fund JIC would launch a tender offer for its shares on March 19 as it no longer requires approval from Chinese regulators.
The tender offer was slated to begin at the end of last year but JIC in December postponed it to late February at the earliest, citing a delay in a Chinese antitrust review as the reason.
However in January, China revised upwards the threshold for requiring prior notification, clearing the way for JIC to launch its tender offer for JSR, which will run to April 16 with the option to extend to May 1.
JSR, a major maker of photoresists used in chipmaking, announced last June it would be acquired by JIC, which is overseen by Japan’s industry ministry, in a $6.4 billion deal aimed at driving consolidation within the sector.
The JSR go-private deal is controversial in the industry, with executives and analysts questioning the company’s prospects of driving dealmaking in the materials sector, where Japanese companies retain a leading role as suppliers in the global chip supply chain.
JIC is also leading a group to purchase chip packaging business Shinko Electric 6967.T for $4.7 billion in a deal announced in December.
"News Services" POPULAR ARTICLE
JN ACCESS RANKING