NEC to Aquire 100% of Infrontia
NEC Corp. said it would spend about 33.5 billion yen ($282 million) to gain full ownership of phone-making unit NEC Infrontia Corp. in its latest step to pool group resources and eliminate overlap. NEC, Japan’s third-largest electronics conglomerate which already owns 53.3 percent of NEC Infrontia, said on Thursday it would launch a tender offer for the remaining 58.9 million shares at 569 yen each, or an 18 percent premium from Thursday’s closing price.
