Subaru to Let Fuji Buy Rest of Stock
Subaru of America Inc. will be sold in a sweetened $204-million deal to Fuji Heavy Industries Ltd., the Japanese company that supplies all of Subaru’s cars and owns nearly half of the firm’s shares, both companies said Thursday.
Fuji, which owns about 49.5% of Subaru’s 48.5-million shares, will buy the rest of the stock for at least $8.50 a share--a premium of 33% over its closing price Wednesday.
Subaru’s stock jumped 25%, or $1.625, to close at $8 in the over-the-counter market after the announcement was made.
Subaru, based in Cherry Hill, N.J., was formed in 1968 to distribute cars in the United States made by Fuji under an exclusive contract.