3D Investment Partners has offered to become a majority shareholder in Japanese film company Tohokushinsha and take it private in a deal that values the company as much as $575 million.
The Singapore-based investment firm, which holds some 18% of Tohokushinsha, has proposed a purchase price of 600-650 yen per share, it said in a statement on Thursday.
That represents a premium of 6%-15% to Tohokushinsha’s closing price on Wednesday of 565 yen.
Tohokushinsha, which dubs foreign TV shows and films into Japanese, has set up a special committee to consider the offer. It was also a co-producer of the 2003 film “Lost in Translation” and worked on the 1980 TV miniseries “Shogun”.
Trading in its shares was suspended on Thursday morning.
3D, which first began building its stake in 2020, said it could best improve corporate value as majority shareholder working alongside management and said that Tohokushinsha currently does not meet the criteria for maintaining its listing as fewer than 25% of its shares are in circulation.
It added that Tohokushinsha’s management would have to agree to the delisting and other business plans proposed by 3D for the proposal to succeed.
($1 = 152.9700 yen)
Reuters