OCTOBER 2, 2008--German specialty glass maker Schott AG (www.schott.com) has announced that it will launch a tender offer for Japanese optical equipment maker Moritex Corp. (www.moritex.com), aiming to acquire more than 50% of outstanding Moritex shares.
Under the tender offer, running from Sept. 25 through Oct. 23, Schott intends to acquire a 51.0% stake in Moritex at 740 yen per share for a maximum total of about 5 billion yen.
Moritex, which has indicated it will agree to the bid, plans to expand overseas operations under the control of Schott, which currently holds a 2.23% stake in the Japanese company. Moritex expects to welcome two board directors from Schott. If Schott fails to obtain at least 33.0% of Moritex outstanding shares, the German glass maker will not purchase the offered shares.
