US fund makes bid for Nippon Fine Chemical

23 April 2007 18:09  [Source: ICIS news]

TORONTO (ICIS news)--US fund Dalton Investments has made a friendly bid to buy all outstanding shares of Nippon Fine Chemical for about $197m, it said on Monday.

 

Dalton’s offer of yen 900/share ($7.6/share) was at a 12.2% premium over Nippon’s Monday closing price, it said.

 

The fund already holds a 14% stake in the Japanese fine chemicals maker.

 

Dalton managing partner James Rosenwald said Nippon would need to be reorganised and divest non-core businesses.

 

The Los Angeles-based fund also made on Monday a $711m bid to take over Fujitec, a Japanese elevator maker.

 

Dalton has $1bn in assets under management. It has a number of hedge and equity funds focussed on China and Japan.

 

($1 = Y118.4)

By: Stefan Baumgarten
+1 713 525 2653

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