German Firm Schott to Launch Tender Offer for Moritex
October 24, 2008
JENA, GERMANY - German specialty glass maker Schott AG has announced that it will launch a tender offer for Japanese optical equipment maker Moritex Corp., aiming to acquire more than 50% of outstanding Moritex shares.
Under the tender offer, which ran September 25 through October 23, Schott intends to acquire a 51% stake in Moritex at 740 yen per share for a maximum total of about 5 billion yen.
Moritex, which has indicated it will agree to the bid, plans to expand overseas operations under the control of Schott, which currently holds a 2.23% stake in the Japanese company. Moritex expects to welcome two board directors from Schott. If Schott fails to obtain at least 33% of Moritex outstanding shares, the German glass maker will not purchase the offered shares.
Moritex offers lighting systems based on LED and fibre optic technology, as well as optical imaging systems for industrial image processing.
Schott is a multinational, technology-based group developing and manufacturing specialty materials, components and systems to improve how people live and work. The company's main markets are household appliances, pharmaceuticals, solar energy, electronics, optics as well as automotive .