NYK Line to Privatize NS United Shipping through TOB at 1.06 Trillion Yen

Nippon Yusen K.K. (NYK Line) announced that it will conduct a takeover bid (TOB) to acquire NS United Shipping, a major bulk carrier operator. The expected acquisition cost is approximately 120 billion yen. Currently, NYK holds an 18.35% stake in NS United and accounts for it using the equity method, but this TOB aims to increase NYK's ownership to 83.33%. The TOB is scheduled to begin in late November through late December at 10,600 yen per share, representing a 32% premium over the July 31 closing price of 8,040 yen. The planned purchase is 11.38 million shares with a minimum purchase floor of 14.96%. Upon completion, NS United will be owned solely by NYK Line (83.33%) and Nippon Steel (16.67%), effectively taking the company private.