Metal One Corporation offered to acquire the remaining 58.5% stake in M.O. TEC Corporation (TSE:9961) from Yokogawa Bridge Holdings Corp. (TSE:5911), Nippon Steel & Sumitomo Metal Corporation (TSE:5401), The Dai-Ichi Life Insurance Company, Limited (TSE:8750), Onoken Co., Ltd. (TSE:7414), Nishimatsu Construction Co., Ltd. (TSE:1820), Bank of Tokyo-Mitsubishi UFJ, Ltd., Investment Arm, The Nisshin Fire & Marine Insurance Co., Ltd., Resona Bank, Limited and others for ¥2.8 billion in cash in September 2012. Metal One Corporation will acquire 10.43 million shares at ¥265 per share. Metal One Corporation has not set a maximum or a minimum number of securities to be acquired through the tender offer and it will acquire all of the tendered securities. The transaction is subject to a minimum of 5.2 million shares being acquired. Transaction was resolved by the Board of Directors of Metal One Corporation on December 20, 2012. The Board of Directors of M.O. TEC Corporation unanimously recommended the shareholders to vote in favour of the transaction. Tender offer period will commence on December 21, 2012 till February 13, 2013.

Metal One Corporation intends to make M.O. TEC Corporation as a wholly owned subsidiary on completion. If the percentage of the total number of the common shares of M.O. TEC Corporation tendered in the tender offer reaches one-half i.e. 5.22 million shares, while it cannot acquire all of the issued common shares of M.O. TEC, it will be deemed that Metal One Corporation has obtained sufficient support from the M.O. TEC's shareholders with respect to the goal of making M.O. TEC a wholly-owned subsidiary of Metal One Corporation. If the percentage of tender does not reach one-half, Metal One Corporation will not proceed with the procedures to make the M.O. TEC, its wholly-owned subsidiary. However, it is planned that the consideration to be ultimately distributed to shareholders who do not tender their shares in the tender offer will be cash and that the amount of the cash to be distributed to each shareholder will be equivalent to the tender offer price multiplied by the number of common shares of the target held by such shareholder.

In order to ensure fairness of tender offer a third party committee comprising Takeo Nishiyoshi, Taizo Ohta and Makoto Nishida was framed at M.O. TEC Corporation. Date of settlement is scheduled as February 20, 2013. Deloitte Touche Tohmatsu LLC acted as financial advisor to M.O. TEC Corporation and TMI Associates acted as legal advisor to M.O. TEC Corporation. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Metal One Corporation.

Metal One Corporation completed the acquisition of additional 58.5% stake in M.O. TEC Corporation (TSE:9961) from Yokogawa Bridge Holdings Corp. (TSE:5911), Nippon Steel & Sumitomo Metal Corporation (TSE:5401), The Dai-Ichi Life Insurance Company, Limited (TSE:8750), Onoken Co., Ltd. (TSE:7414), Nishimatsu Construction Co., Ltd. (TSE:1820), Bank of Tokyo-Mitsubishi UFJ, Ltd., Investment Arm, The Nisshin Fire & Marine Insurance Co., Ltd., Resona Bank, Limited and others on February 13, 2013. Metal One Corporation acquired 9.37 million shares of M.O. TEC Corporation and remaining shares will be acquired through second step takeover.