Mitsumi Electric sets conversion price for 0% convertibles due 2022

By Susanna Moon

Chicago, Dec. 28 – Mitsumi Electric Co., Ltd. announced a new conversion price of ¥2,068 per share initially for its ¥20 billion zero-coupon convertible bonds due 2022.

At the meeting held Tuesday, shareholders approved the proposal to allow the company to become a wholly owned subsidiary of Minebea Co., Ltd., with the name to change to Minebea Mitsumi Inc., by way of share exchange on Jan. 27. The equity will exchanged at the rate of 0.59 shares of common stock of Minebea Mitsumi Inc. for each Mistumi Electric share, for according to a company announcement.

Mitsumi is a Tokyo-based manufacturer and seller of electrical and communications components.

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