Japanese Ovens Maker to Buy Fujitsu General for $1.6 Billion (2)

A little-known Japanese maker of oven ranges and water heaters has offered to acquire Fujitsu General Ltd. for as much as ¥257 billion ($1.6 billion), becoming the latest suitor for Fujitsu Ltd.’s air-conditioner unit.

Paloma Rheem Holdings is offering to pay Fujitsu General stockholders ¥2,808 a share — a 24% premium to its Jan. 6 close — or as much as ¥164.7 billion. Parent Fujitsu will separately sell its stake in the unit for roughly ¥92 billion, the Japanese company said in a statement. Paloma Rheem intends to finance the deal through bank borrowing and launch a tender offer ...