Toyota Housing Corporation made an offer to acquire additional 14.6% stake in Misawa Homes Co., Ltd. (TSE:1722) for ¥6 billion on November 22, 2016. Under the terms of the transaction, maximum of 5.5 million shares will be acquired at a price of ¥1100 per share. The tender offer period is from November 28, 2016 to December 26, 2016. In a related transaction, Toyota Housing Corporation will participate in a third party allocation of Misawa Homes for 15.5 million shares at ¥874 per share. Toyota Housing Corporation will hold 43.49% stake upon completion of tender offer and will hold 51% stake in Misawa Homes upon completion of the third party allocation. Upon completion, Misawa Homes will continue to be listed on stock exchange. The transaction was approved by the board of directors of Misawa Homes. As of December 27, 2016, 8.2 million shares of Misawa Homes Co., Ltd. (TSE:1722) were offered in takeover bid from November 28, 2016 to December 26, 2016. The settlement will start from January 4, 2017. Nomura Securities Co., Ltd. acted as financial advisor to Toyota Housing Corporation. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor and Hibiya Park Law Offices acted as legal advisor to Misawa Homes Co., Ltd.