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| Announcement on Result of TOB (takeover bid) |
Company name:
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The Kansai Electric Power, Co., Inc |
| Company representative: |
Yohsaku Fuji,
President and Director |
| Code no.: |
TSE 9503 |
| Listed in: |
The first section of the Stock Exchanges of Tokyo, Osaka, and Nagoya |
| Contact: |
Tetsuro Maeda, General Manager, Office of Financing and Accounting |
| Tel: |
+81 6 6441-8821 |
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At the meeting of the board of directors on February 26, 2003, we, Kansai Electric Power Co., Inc. resolved to purchase the shares of Osaka Media Port Corporation through TOB. We announced the results of the TOB started from February 27, 2003 and ended on March 19, 2003 as follows:
| 1. Outline of TOB (announced on February 26, 2002) |
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(1) Name and address of purchaser |
The Kansai Electric Power Co., Inc.
3-3-22 Nakanosima, Kita-ku, Osaka, Japan |
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| (2) Target company name |
Osaka Media Port Corporation |
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| (3) Class of stock to be purchased |
Common stock |
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| (4) Period of TOB |
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Twenty-one days from February 27, 2003 (Thursday) and through March 19, 2003 (Wednesday) |
| (5) Purchase price |
50,000. yen per share |
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| 2. Result of TOB |
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(1) Result of subscription |
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Number of shares planned to be purchased: |
356,900 shares |
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Number of shares subscribed:
(Number of shareholders subscribed: 126)
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226,100 shares |
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| Number of purchased shares: |
226,100 shares |
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| (2) Result of TOB |
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We purchase all the shares subscribed as shown on the TOB registration documents. |
| (3) Change of number of owned stock through TOB |
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Number of owned stock prior to TOB: |
123,100 shares (shares held: 25.65%) |
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| Number of owned stock after TOB: |
349,200 shares (shares held: 72.75%) |
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| (4) Total amount paid for purchasing all the subscribed shares: |
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| 3. Settlement |
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(1) Agent for TOB
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Nomura Securities Co., Ltd. 1-9-1 Nihonbashi, Chuo-ku, Tokyo, Japan |
| (2) Commencement date of settlement |
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March 28, 2003 (Friday) |
| (3) Settlement method |
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Notification letters are sent to the subscribed shareholders promptly after the period of TOB. Shares are purchased in cash. The payment is remitted promptly by Nomura Securities Co., Ltd. to delivery address specified by shareholders or received at offices of the agent after the settlement start date. |
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| 4.Outlook |
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Upon completion of the process of TOB, the target company will be a consolidated subsidiary of Kansai Electric Power Co., Inc. The impact of this transaction on the business results of Kansai Electric Power Co., Inc. and its consolidated companies for the period ending March 2003 will be slight. |
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