Two Companies Declare Bid for Acquiring Hokuetsu Paper

Oji made the proposal for business integration to Hokuetsu on July 3, requesting to reply by July 24. Hokuetsu rejected Oji’s plan on the deadline day.

On July 21, Hokuetu disclosed its plan to allocate new shares to a third party, in which Mitsubishi Corp. would buy the shares. Oji and Mitsubishi are fiercely competing to acquire Hokuetsu.