Japanese oven range and water heater maker Paloma Rheem Holdings, advised by Mori Hamada & Matsumoto, has launched a proposed USD1.6 billion takeover of air conditioner maker Fujitsu General, represented by Nagashima Ohno & Tsunematsu, via a tender offer.
Partner Akira Matsushita is leading the Mori Hamada team advising Paloma Rheem, while Nagashima Ohno partners Yuko Tamai and Shuichi Nishimura are serving as lead counsel to Fujitsu General on the sale.
Paloma Rheem’s billion-dollar takeover bid for the Tokyo Stock Exchange-listed Fujitsu General will involve acquiring all the outstanding common shares of the air conditioner maker to turn it into a wholly-owned subsidiary.
Fujitsu Limited, the largest shareholder of Fujitsu General, will not tender its 44.02% stake in the air conditioner maker to Paloma Rheem, but will instead sell the shares to Fujitsu General in a share repurchase exercise to be conducted after the tender offer.
