Japan's JSR says US lawsuit will not impact go-private deal

JSR

05/02/2024 09:43

By Sam Nussey and Miho Uranaka
       TOKYO, Feb 5 (Reuters) - Japan chip materials maker JSR
 4185.T  said on Monday that a lawsuit brought against the
company by a research foundation in the United States would not
impact its plan to be bought by a state-backed fund. 
    "We have no reason to believe this is going to impact the
TOB," JSR CEO Eric Johnson told an earnings briefing, referring
to a takeover bid from Japan Investment Corporation (JIC). 
    JSR has said it expects JIC's tender offer for its shares to
begin late this month at the earliest. 
    The Research Foundation for the State University of New
York's lawsuit says its researchers made advances in tin oxide
metal photoresists and Inpria was commercialising its
intellectual property without permission.
    JSR, which is a major maker of photoresists for chipmaking,
last June agreed to be bought by JIC, which is overseen by
Japan's trade ministry, in a move criticised by some in the
industry who question the need for such an intervention. 
    Last month, the Financial Times reported that a takeover bid
from German group Merck  MRCG.DE , which was not disclosed to
shareholders, prompted JSR to seek a buyout from JIC. 
    "We received no other offers besides the offer from JICC, no
formal offers, no informal offers," Johnson said. 

 (Reporting by Sam Nussey; Editing by Himani Sarkar)
 ((sam.nussey@tr.com;))