A board of directors meeting was held by Masuda to approve the bid.
“If the takeover bid is completed with Nitto failing to acquire 90% or above of the total voting rights of Masuda, Nitto will demand Masuda to put forth an agenda item regarding a reverse stock split with the ratio at which the number of shares held by the shareholders (excluding the bidder) of Masuda will be a fraction less than one share at a general shareholders meeting after the completion of the takeover bid,” the filing stated.
Masuda Flour Milling Co., Ltd. manufactures and sells wheat flour, bran and dried noodles in Japan. The company was founded in 1906 and is headquartered in Kobe, Japan, and employs about 145.
Nitto Fuji manufactures and sells wheat flour and bran with a manufacturing capacity of 1,770 tonnes per day. The company employs about 423 and has three flour production facilities, two storage silos and two pre-mix facilities. The Mitsubishi Corporation owns 62.93% of Nitto Fuji.