November 2008
At a meeting of its board of directors held, Seiko Epson Corp. decided to purchase the common shares of Orient Watch Co., Ltd. Co., Ltd through a takeover bit.
When Seiko Epson Corp. began a bid to take over its affiliate, Orient Watch Co., Ltd., Seiko Epson has begun a takeover bid of Orient Watch Co., Ltd. with an aim to turn it into a wholly-owned subsidiary.
However, since Seiko Epson would not be able to buy all of the outstanding shares of the target company, with the exception of its shareholdings of the target company and shares owned by the target company, Seiko Epson and Orient Watch Co., Ltd. decided to exchange shares to make Seiko Epson a full parent company and Orient Watch Co., Ltd. a wholly-owned subsidiary after the takeover bid.
As such, Seiko Epson offered opportunities to buy shares from the target company's shareholders by exercising the right to request purchase of the target company's shares, planning to buy all outstanding shares of the target company.
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