Japan State-Backed Fund to Launch $6 Billion Tender Offer for Chip Materials Maker

(Bloomberg) — A Japanese state-backed investment vehicle is going ahead with its $6 billion buyout of chipmaking materials linchpin JSR Corp., after securing assurances of China’s approval for a deal that Tokyo sees as central to its semiconductor ambitions.

Japan Investment Corp. plans to launch a tender offer as early as March 19, said people familiar with the matter, who asked not to be named as the matter is private. JIC originally planned to begin the buyout around December, but the move had been pushed back, pending approval from China’s antitrust regulator. The deal offers shareholders 4,350 yen ($29.47) per JSR share.