Schott To Launch Tender Offer

Schott AG announced 24 Sept that it will launch a tender offer for Japanese optical equipment maker Moritex Corp, with the aim of acquiring more than 50% of outstanding Moritex shares. Under the tender offer, running from 25 Sept-23 Oct, Schott intends to acquire a 51% stake in Moritex at JPY 740/share for a maximum total of about JPY 5BN. Moritex has announced that 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 firm. Moritex expects to welcome 2 board directors from Schott. If Schott fails to obtain at least 33% of Moritex outstanding shares, it will not purchase the offered shares.