Nissin’s Yokohama Heavyweight Packaging Center and conventional ship cargo handling. (Nissin via YouTube)
Japanese logistics company Nissin Corp. said Bain Capital will buy its shares from shareholders for it to go private through a management buyout, in a deal worth about 112 billion yen ($756 million).
U.S. investment firm Bain is planning to buy 13.85 million shares from stockholders at 8,100 yen, according to a company filing. The offer price represents about a 51% premium from the closing level on May 9, just before Bloomberg reported on the planned deal. The tender offer will run from May 13 to July 8, according to the filing.
Nissin Corp. ranks No. 46 on the Transport Topics list of top airfreight forwarders.
Nissin’s shares jumped 19% on May 12 to close limit-up at 6,350 yen. The stock has surged 31% in two sessions.
Japan’s logistics industry has seen a flurry of acquisition activity in a crowded market. Overtime work regulations that started last year have resulted in a shortage of truck drivers. Logisteed Ltd., a subsidiary of U.S.-based KKR & Co., acquired Alps Logistics Co. last year, while SG Holdings Co., the parent company of Sagawa Express Co., completed a tender offer for Chilled & Frozen Logistics Holdings Co.
