LOS ANGELES — September 27, 2021 — Houlihan Lokey (NYSE:HLI), the global investment bank, today announced the expiration of the tender offer period, as of 4:00 p.m. JST on September 27, 2021, related to the acquisition of GCA Corporation (“GCA”) (TSE:2174) for ¥1,398 ($12.71) per share and a total cash purchase price of approximately ¥65.9 billion ($599.1 million), based on an assumed exchange rate of ¥110 per $1.
Shares and stock options representing approximately 90% of GCA’s common stock on a fully diluted basis were validly tendered in the tender offer.
Houlihan Lokey commenced the tender offer to acquire all outstanding shares of GCA for ¥1,380 ($12.55) per share in cash, in addition to all stock options of GCA (priced to net out applicable exercise prices), in Tokyo on August 4, 2021, and announced a new purchase price of ¥1,398 ($12.71) per share on September 9, 2021 (JST).
The tender offer is expected to settle beginning on October 4, 2021. Following settlement of the tender offer, it is expected that Houlihan Lokey will complete the acquisition of GCA through a second-step transaction at the same price. The transaction is being financed with cash on Houlihan Lokey’s balance sheet.
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