Japan Tobacco Inc. and instant noodle maker Nissin Food Products Co. announced Thursday they will acquire all the shares of scandal-tainted frozen food maker Katokichi Co. for ¥109 billion through a public tender offer.
The move is aimed at merging the frozen food divisions of the three companies to create one of the biggest frozen food producers in Japan, with combined sales of ¥260 billion.
According to the plan, JT will launch a public tender offer for Katokichi from Nov. 28 to Dec. 26 for ¥710 per share to make Katokichi its wholly owned subsidiary. JT will then sell 49 percent of the shares to Nissin Food.