Japan’s JIC to start tender offer for JSR on March 19 after Chinese approval – Bloomberg News

By Thomson Reuters Mar 13, 2024 | 9:56 PM

TOKYO (Reuters) – Japanese state-backed fund Japan Investment Corp (JIC) will start a tender offer for chip materials maker JSR Corp’s shares on March 19 after it obtained Chinese regulators’ approval, Bloomberg News reported on Thursday.

The tender offer was slated to begin at the end of last year but JIC in December postponed it, citing a delay in a Chinese antitrust review as the reason.

JSR, a major maker of photoresists used in chipmaking, announced last June it would be acquired by JIC, which is overseen by Japan’s industry ministry, in a $6.4 billion deal aimed at driving consolidation within the sector.

(Reporting by Kantaro Komiya; Editing by Kim Coghill)