Nipro Corporation (TSE:8086) made a tender offer to acquire 63.17% stake in Goodman Co., Ltd. (JASDAQ:7535) from Akira Yamamoto and other sellers for ¥2.3 billion on January 24, 2013. Nipro intends to acquire 9.6 million shares of common stock of Goodman at the price of ¥337 per share during the period from January 25, 2013 to March 8, 2013. Nipro Corporation plans to acquire 2.02 million A-type preferred shares at the price of ¥7,255 per share.

Akira Yamamoto, Director of Nipro Corporation will sell 24,258 units comprises 22.29% stake. Nipro will target ordinary shares, preferred stock and equity warrants. Goodman has accepted the tender offer.

ITOCHU Corporation which owns 36% stake in Goodman, will not participate. Post tender offer, Goodman is considering such methods as allocating new shares to Nipro, so Nipro's and Itochu's holdings are expected to result in about 67% and 33% respectively. SMBC Nikko Securities Inc. acted as tender offer agent and settlement of shares starts from March 15, 2013.

Mizuho Bank, Ltd. acted as financial advisor for Goodman Co., Ltd.