FUKUOKA (Kyodo) Health food maker Kyusai Co. said Monday it has agreed to a public tender offer for its shares by investment fund Green Partners B.

Tokyo-based Green Partners B will acquire a 64 percent stake held by Kyusai’s founder, Tsuneo Hasegawa, and his family, and will seek to purchase all of the remaining shares. The total investment cost would amount to as much as 63 billion yen.

The tender offer will be open from Friday to Nov. 9 at a price of 1,920 yen per share, Fukuoka-based Kyusai said.

Kyusai is listed on the second section of the Tokyo Stock Exchange and on the Fukuoka Stock Exchange, and is widely known for its mainstay Kyusai no Aojiru, a leafy green-vegetable drink.

The investment fund reportedly plans to take Kyusai off the stock exchanges if it succeeds with the acquisition.

The Tokyo and Fukuoka stock exchanges placed Kyusai stock on their monitoring posts, the sections for trading issues that might be delisted, on Monday.

Kyusai’s board of directors approved the bid at a meeting earlier in the day, the company said.

Green Partners B is indirectly funded by Daiwa Securities Co., Mizuho Securities Co. and several other firms.

The takeover bid is taking place at a time when Japan’s health food industry is in the middle of a price war with low-cost producers in other parts of Asia

Kyusai has said it needs to thoroughly review its operations to focus on its areas of strength, to withdraw from low-margin businesses and to improve its competitiveness.

The takeover is expected to boost Kyusai’s corporate value and provide cash from share sales.

Kyusai founder Hasegawa told a news conference he hopes the company, which he has led as president for 42 years, will further expand its business with a good partner.

Members of the founding family are expected to continue taking part in management.

Kyusai has 662 employees and posted a consolidated net profit of 2.3 billion yen on sales of 42.1 billion yen in the business year to last Feb. 28.

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