The tender offer period expired on March 24, 2011, and a total of 305,256,945 shares were tendered at an offer price of JPY 146 per share. Upon settlement on March 30, 2011, Chartis Japan LLC will own 305,256,945 shares, or 43.59% of the outstanding shares, of Fuji Fire and Marine, and Chartis in the aggregate will own 98.25%.
Chartis intends to ultimately acquire the remaining minority shares of Fuji Fire and Marine that Chartis does not own. Subject to required legal proceedings, Fuji Fire and Marine will be delisted and become a wholly-owned subsidiary of Chartis. Chartis expects that Fuji Fire and Marine will continue to operate under the Fuji Fire and Marine brand.
“By enhancing the operational and financial capabilities of both companies, we will be able to accelerate the delivery of innovative products and services that anticipate the evolving needs of our customers,” said Jose A. Hernandez, CEO of Chartis Far East Holdings K.K. “This transaction will benefit all of our stakeholders, including our employees and agents, and we look forward to a successful, long-term future together in the Japanese marketplace.”