The higher offer of ¥5,370 (£26.91) per share from XYZ KK, the management team’s takeover vehicle, was made following a hostile counter-bid from Brother Industries.
Last month Roland DG reported that the result of the offer meant that 9,247,711 had been tendered, which exceeded the minimum of 8,151,100 shares required for the deal to be successful with a majority stake.
An Extraordinary Shareholders’ Meeting will be held, because XYZ KK was unable to acquire all of the Roland DG shares, meaning shareholder approval is required to consolidate the company’s shares.
XYZ KK plans to purchase all of the Roland DG shares (excluding treasury shares) and ultimately Roland DG will be delisted from the Tokyo Stock Exchange and taken private.
XYZ KK is a special vehicle formed by Taiyo Pacific Partners, which had been the largest shareholder in Roland DG with a 19% stake.
The date for the ESM had not been determined at the time of writing.
Roland DG’s shares are currently trading at ¥5,360 giving the business a market capitalisation of ¥66bn.
The Japanese manufacturer’s graphic arts products include wide-format inkjet printers, vinyl cutters, printer-cutters, object printers and dye sublimation transfer printers for textiles.
It also has operations in 3D fabrication, dental and medical instrument marking.
