Parker offers to buy remaining Taiyo shares
Parker Hannifin Corporation has offered to buy all of the outstanding shares not owned by Parker in Taiyo, LTD., a majority owned subsidiary of Parker headquartered in Osaka, Japan.
The tender offer, which has been formally made by Parker Hannifin Japan Holdings GK, extends through March 5 at a price of 250 yen (approximately $3.25) per common share and represents a total consideration of 5.8 billion yen (approximately $75 million) for the remaining 43.51% of the shares of Taiyo not owned by Parker.
Parker has been the majority shareholder in Taiyo since June 2006 and has had a formal relationship with the company since forming a business alliance in 2002. It has annual sales of approximately 17.3 billion yen (approximately $225 million).
The company develops and manufactures a broad range of products, including hydraulic and pneumatic actuators, cylinders and specialized pneumatic products. It has four manufacturing plants located in Japan and two manufacturing plants in China. Upon successful completion of the tender offer, Taiyo will remain part of Parker's Global Hydraulics Group.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
