In today’s briefing:
- Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200
Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200
- Krosaki Harima (5352 JP) has recommended a preconditional tender offer from Nippon Steel Corporation (5401 JP), the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.
- The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.
- The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.
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