Longreach completes tender offer to acquire SANYO Electric Logistics
LS Holdings Co, a special purpose company established by The Longreach Group, has successfully completed its tender offer to acquire control of SANYO Electric Logistics Co. The tender offer closed on July 15th. The number of shares tendered exceeded the minimum threshold of almost 7.7 million shares, reaching 10.19 million – representing 99.53% of the company on a voting-rights basis. Settlement will begin on July 30th. SANYO Electric Logistics has established a solid platform in the Japanese logistics sector and is in a strong position to take advantage of the accelerating trend towards outsourcing logistics operations. Having already taken steps to maximise business opportunities in the growing 3PL sector, the company aims to establish a comprehensive 3PL offering that covers logistics services for sales, production and procurement operations. Another priority growth objective is to cultivate an overseas business platform to respond to the needs of customers shifting manufacturing operations outside of Japan. Under a separate agreement, SANYO Electric Logistics agreed with former parent, SANYO Electric Co, to continue existing business relations for a specified period of time after the conclusion of the tender offer. Under the terms of this agreement, SANYO Electric Logistics plans to continue using SANYO Electric’s brand, licensed trade mark, property, IT systems and other business resources under existing terms of use. In addition, SANYO Electric will reinvest part of the proceeds it receives to maintain a 5% minority stake in LS Holdings following the closing of the transaction. Quelle: eyefortransport |
