KYOTO, Japan, July 13, 2007 (PRIME NEWSWIRE) -- Nidec Copal Electronics Corporation (the "Company") (Tokyo:6883), one of the listed subsidiary companies of Nidec Corporation (NYSE:NJ), announced today that the Company and its subsidiary Fujisoku Corporation ("Fujisoku") have resolved at their respective meetings of Board of Directors held on July 13, 2007 to make Fujisoku a wholly-owned subsidiary of the Company through share exchange.
The Company, in a move to strengthen its industrial switch business, acquired Fujisoku in November 2006 through a tender offer and currently holds 98.8% of Fujisoku common stock. To acquire the balance of Fujisoku shares, the Company is paying 6,072 yen for each remaining share of Fujisoku common stock. By wholly owning Fujisoku, the Company intends to speed decision-making and optimize the use of management resources.
Schedule of the Share Exchange
Board approval and signing of the Share Exchange
agreement (by the Company and Fujisoku): July 13, 2007
Effective date of the Share Exchange: August 31, 2007
(tentative)
Date of payment: Late October 2007
(tentative)
Note: This Share Exchange is not subject to approval by shareholders of the Company and Fujisoku, in accordance with the provisions of:
a) Paragraph 3, Article 796 of the Corporation Act in Japan, and b) Paragraph 1, Article 784 of the Corporation Act in Japan.
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