January 15, 2020 / 2:01 PM / in 7 months

Toshiba Machine to tender NuFlare shares to Toshiba despite higher offer from Hoya

TOKYO, Jan 15 (Reuters) - Toshiba Machine Co said on Wednesday it would tender its stake in chip equipment maker NuFlare Technology Inc to Toshiba Corp, shrugging off a higher counter offer by Hoya Corp.

The tender by Toshiba Machine, NuFlare’s second-largest shareholder with a 15.8% stake, would allow Toshiba to secure more than two-thirds of NuFlare.

Toshiba, which already holds 52.4% of NuFlare, is aiming to take full control of the chip equipment maker as the Japanese government pointed to corporate governance issues with dual listings of parents and subsidiaries. (Reporting by Makiko Yamazaki, editing by Louise Heavens)

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