U.S. auto parts maker Johnson Controls Inc. will launch a tender offer today for all outstanding shares in Ikeda Bussan Co., a major auto-seat maker affiliated with Nissan Motor Co.
Under the deal announced Sunday, Johnson Controls, the world's sixth-largest maker of auto parts, will pay 120 yen per share through its Japanese subsidiary, Johnson Controls Holding Co., to acquire approximately 91 million shares in Ikeda Bussan from today through Aug. 24.
The company, based in Milwaukee, Wisconsin, said it expects to spend $100 million on the takeover, which will be the first by a Western company of a Japanese auto parts maker.