Fujitsu Ltd. is selling its chip packaging subsidiary Shinko Electric Industries Co. to a group led by the government-backed Japan Investment Corp. in a deal worth $4.7 billion.
The consortium, which includes Dai Nippon Printing Co. and Mitsui Chemicals Inc., will launch a tender offer for the Nagano-based company, according to a statement released late Tuesday that confirmed an earlier Bloomberg News report. The offer of ¥5,920 per share, scheduled to begin late August, represents a 13% premium to Monday’s closing price. The group will then provide Shinko Electric with funding to buy back Fujitsu’s 50% stake.
Fujitsu ...
