Central Japan Railway Co. (JR Tokai) offered to pay about ¥26.2 billion to raise its stake in rail car maker Nippon Sharyo to 50.88 percent.
JR Tokai, which now owns 1.83 percent of the target company, will pay ¥370 a share, 38 percent more than Nippon Sharyo's closing price of ¥268 Friday on the Tokyo Stock Exchange.
Aichi Prefecture-based JR Tokai announced the offer, which is open from Aug. 18 until Oct. 7, in a statement distributed at the TSE.