Japan's Terumo to Make Secondary Share Offering in Overseas Markets
By Megumi Fujikawa
TOKYO--Japanese medical-device company Terumo said it will sell 73 million shares in international markets, in the latest effort to improve its shareholder structure.
The company on Thursday said it decided to make the secondary offering of its shares after confirming that seven shareholders, including MUFG Bank, Mizuho Bank and Dai Nippon Printing, intended to unload their stake.
"Through the secondary offering, the company aims to enhance its corporate value by expanding and diversifying its shareholder base that supports the company's medium- and long-term growth strategy and further increasing management discipline through dialogue with new shareholders," it said in a statement.
To mitigate the impact of the stock offering and enhance shareholder returns, the company said it will also buy back shares up to 30 billion yen, equivalent to $207.5 million.
Write to Megumi Fujikawa at megumi.fujikawa@wsj.com
(END) Dow Jones Newswires
August 29, 2024 04:25 ET (08:25 GMT)
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