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Korea M&A Corporation
Investors in $550 mln tender for Japan's SunTelephone 본문
NEW YORK, Dec 20 (Reuters) - Private equity firm Bain Capital Partners LLC and Japan Industrial Partners launched a $550 million tender offer for Japanese machinery leasing firm SunTelephone Co. Ltd. (8083.T: Quote, Profile, Research) in partnership with the company's management, SunTelephone said on Wednesday.
SunTelephone, which in October rejected a buyout from U.S. fund Dalton Investments, said that major shareholders including Dalton, JMBO Fund Limited, company founder and former President Takeo Yamanishi, and Representative Director and Chief Executive Keiji Yamanishi, will tender their shares to the offer.
The offer opens on Dec. 21, when the company will file full details, and ends Feb. 14, 2007, the company said in a statement, which was provided by Bain Capital.
The investors will be paying 1,120 yen per share, a Bain spokesman said. SunTelephone shares rose 11 percent to 1,120 yen in trading in Tokyo after word of the tender hit the markets, Reuters reported earlier.
Japan Industrial Partners was established in November 2002 as a Japanese-style private equity business.
Financing for the transaction will be provided by Mizuho Corporate Bank Ltd., according to the statement.