On July 31, Nippon Yusen announced that it would conduct a tender offer (TOB) for the shares of NS United Shipping, an equity-method affiliate, in order to make it a consolidated subsidiary.
In this series of transactions, Nippon Yusen will conduct a tender offer for the common shares of NS United Shipping, enter into a basic transaction agreement and a shareholders' agreement with Nippon Steel, and then enter into a tender offer agreement with NS United Shipping.
The transaction is contingent on the fulfillment of necessary prerequisites, including obtaining clearance for prior notification under competition laws in Japan, Australia, China, and Brazil.
After the transaction is completed, NS United Shipping will have only two shareholders: Nippon Yusen Kaisha (NYK Line) and Nippon Steel Corporation. NYK Line will hold 83.33% and Nippon Steel Corporation will hold 16.67%.
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