Japanese company Toyo Tire Rubber announced yesterday that it has agreed to acquire all of the shares of Malaysia-based tyre manufacturer Silverstone from Silverstone Corp for M$462 million around $150 million in cash. Silverstone Corp is a subsidiary of the Lion Group, a Malaysian conglomerate.
Nomura was the sole adviser to Toyo Tire, which won what insiders say was an extremely competitive auction process on an expedited timetable, beating out a number of other strategic bidders. Silverstone was advised by ING Corp Advisory.
Specialists say the deal highlights the growing trend of Japan-based corporations looking at international MA to satisfy their increasing appetite to diversify abroad and to leverage the strength of the...
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