(Bloomberg) — A fund affiliated with Bain Capital Partners
LLC plans to acquire Japan Wind Development Co. through a tender
offer.
JWD Holdings K.K., set up in February and equally owned by
the fund and Japan Wind President Masayuki Tsukawaki, will pay
580 yen a share, Japan Wind said in a statement Monday. The
price is 25 percent higher than Friday’s close of 463 yen.
“Bain Capital will work together with the current
management led by Mr. Tsukawaki,” Bain said in a statement.
“We will support further development of wind power generation
business through providing support for funding and strengthening
management infrastructure for stable growth.”
The purchase price is 9.7 billion yen ($81 million) but
could go to as much as 10.9 billion yen should shares from some
out-of-money warrants be exercised, according to statements from
the companies.
The tender offer starts March 24 and runs to May 8.
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Chisaki Watanabe in Tokyo at
To contact the editors responsible for this story:
Reed Landberg at
Iain Wilson, Peter Langan