On September 30 Mitsubishi Chemical Holdings started to make a tender offer for shares of Taiyo Nippon Sanso (TNSC) in accordance with its prearranged plan. The tender offer price is 1,030 yen per common share for a period by November 5, 2014.

The upper limit of purchase has been set to be 104,079,476 shares, while the lower limit to be 99,748,549 shares. Combining with the 116,797,870 shares owned by Mitsubishi Chemicals and Mitsubishi Kagaku, the number of share will become over half of the total shares issued by the company (433,092,837 shares).

For information, TNSC held a board of director meeting on September 29 prior to the tender offer and resolved to express approval of the tender offer and also to respect shareholders’ intention, taking a neutral position for the tender.