German Firm Schott to Launch Tender Offer for Moritex Oct 6, 2008

Under the tender offer, running from Sept. 25 through Oct. 23, Schott intends to acquire a 51.0% stake in Moritex at 740 yen per share for a maximum total of about 5 billion yen.

Moritex, which has indicated it will agree to the bid, plans to expand overseas operations under the control of Schott, which currently holds a 2.23% stake in the Japanese company. Moritex expects to welcome two board directors from Schott. If Schott fails to obtain at least 33.0% of Moritex outstanding shares, the German glass maker will not purchase the offered shares.

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