Mitsubishi Chemical Holdings Corp. or MCHC and Mitsubishi Rayon Co. Ltd. or MRC have reached deal to integrate management in accordance with resolutions passed at both companies' board meetings convened on November 19, 2009.
Under the deal, Mitsubishi Chemical Holdings offered to buy MRC for 380 Yen per share. Under the deal, MRC will become a subsidiary of MCHC.
In undertaking Management Integration, MCHC will initiate a tender offer for all outstanding shares in MRC with a target date of the beginning of February 2010 at the latest and planned completion by the end of March 2010.
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