Major general contractor Taisei said Friday that it will acquire marine civil engineering company Toyo Construction for about ¥160 billion (about $1.1 billion).
Taisei is aiming to buy all Toyo Construction shares partly through a tender offer. Toyo Construction expressed support for the tender offer, which will run from Tuesday to Sept. 24. Each share will be purchased at ¥1,750 in the tender offer.
Both companies are listed on the Tokyo Stock Exchange's top-tier Prime section. The stock of Toyo Construction closed at ¥1,644 on Friday.
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