Yungtay shares jump after takeover offer from HitachiBy Angelica Oung / Staff reporter, with CNAShares of Yungtay Engineering Co (永大機電) moved sharply higher yesterday after the company announced a day earlier that major shareholder Hitachi Ltd had offered to bring the Taiwanese elevator manufacturer fully under its ownership. Yungtay shares closed up 10 percent, the maximum daily increase, at NT$63.4, with 466 million shares changing hands on the Taiwan Stock Exchange (TWSE), where the benchmark TAIEX closed down 0.76 percent amid concerns over power rationing in China. Photo courtesy of Yungtay Engineering Co via CNAHitachi has agreed to launch a stock swap to buy Yungtay shares for NT$65.1 each, a 12.82 percent premium over its closing price of NT$57.5 on Monday, Lin said. At one point Pau Jar controlled the board, but as Hitachi steadily acquired Yungtay shares on the open market, the group led by Pau Jar steadily lost influence. The stake held by Pau Jar and its allies has shrunk to 7.86 percent.

Source: Taipei Times September 28, 2021 15:56 UTC