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Nikon is a Japan-based manufacturer of film and digital cameras, binoculars, telescopes, scanners, microscopes, and other related products. Both Metris and CBFA are based in Belgium.
Nikon will offer EUR5.5 for each share of Metris. The offer price represents a premium of approximately 106.8% to Metris' closing price on May 26, 2009 and a premium of 147.5% to the average closing price of Metris for the one month period ending May 26, 2009.
Metris' Board of Directors and executive management have expressed their support for this intended takeover bid. Certain major shareholders of Metris who jointly hold approximately 20% of the shares in the company, have made a firm commitment to tender their shares to Nikon in the tender offer.
Jefferies International Limited and ING Groep N.V. are acting as financial advisors to Metris.
The acquisition is expected to close in the third calendar quarter of 2009.
Deal Value (US$ Million) 102.5 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Announced: 2009-06-03
Deal Participants
Target (Company) Metris NV Acquirer (Company) Nikon Corporation
Deal Rationale
The transaction would significantly strengthen the product lineup and customer base of Nikon. By combining the technologies of both companies and pursuing product development, Nikon would enhance its technological position. In addition, the sales channels of Metris would be complementary with those of Nikon, principally in Japan and the rest of Asia. The integration of Metris into the Nikon Group would strengthen Nikon's sales channels in the European and US markets and create sales opportunities for Metris products in the Japanese and other Asian markets.
Bid Premium ($ per share) 106.8
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