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Mitsubishi Chemical Acquires 78% of Mitsubishi Rayon Through Tender Offer

1:05 AM MDT | March 22, 2010 | Deepti Ramesh

Mitsubishi Chemical says it has acquired 78.19% shares of Mitsubishi Rayon through the previously announced tender offer. The acquisition cost of the shares was ¥170 billion ($1.9 billion), Mitsubishi Chemical says. The tender offer was launched on February 17, 2010 and completed on March 19, 2010. Mitsubishi Rayon will become a consolidated subsidiary of Mitsubishi Chemical on March 30, 2010. Mitsubishi Chemical offered ¥380/share, valuing Mitsubishi Rayon at nearly $2.5 billion. Mitsubishi Chemical first announced its plans to acquire Mitsubishi Rayon...

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