{"schemaVersion":1,"@context":"https://schema.org","@type":"Article","identifier":"2005_legacy_foreign_saia_burgess_sumida","headline":"Saia-Burgess Electronics Holding AGのTOB・MBO事例：SUMIDA CORPORATION / Sumida Holding Germany GmbH（2005-07-22公表・2005年収録）","description":"Saia-Burgess Electronics Holding AGを巡るSUMIDAの1株950スイスフラン提案は、Johnson Electricの1株1,060スイスフラン競合提案を受けて成立しなかった。SUMIDAは保有していた26.12％の株式を競合TOBへ応募・売却し、3.26％相当のオプションは株式持分と区別して扱う。","canonicalUrl":"https://tobradar.com/tob/deals/2005-legacy_foreign_saia_burgess_sumida/","machineReadableUrl":"https://tobradar.com/tob-data/cases/2005-legacy_foreign_saia_burgess_sumida.json","catalogUrl":"https://tobradar.com/tob-data/cases.json","inLanguage":"ja","datePublished":"2026-07-17","dateModified":"2026-07-19","dataUpdatedAt":"2026-07-19T03:45:28.564Z","author":{"@type":"Person","name":"noru","url":"https://tobradar.com/about/"},"citation":[{"@type":"DigitalDocument","identifier":"s-legacy-foreign-saia-burgess-sumida-0","name":"SUMIDA 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2026-07-19、https://tobradar.com/tob/deals/2005-legacy_foreign_saia_burgess_sumida/（参照日を追記）","citationGuidance":["確認済み事実はfactsのsourceIdsとsourcesを対応させて確認してください。","analysisはnoruの独自分析であり、リンク先原資料の記述とは区別してください。","limitationsに記載した未確認事項を断定しないでください。"],"record":{"dealId":"2005_legacy_foreign_saia_burgess_sumida","startDate":"2005-07-22","startStatus":"海外TOB","startTitle":"SUMIDA CORPORATION / Sumida Holding Germany GmbH、Saia-Burgess Electronics Holding AGに公開買付開始","startUrl":"https://www.sumida.com/news/downloads/20050722_01.1402037605.pdf","caseUrl":"https://www.sumida.com/news/downloads/20050722_01.1402037605.pdf","targetCode":"SBEN","targetName":"Saia-Burgess Electronics Holding AG","bidderName":"SUMIDA CORPORATION / Sumida Holding Germany GmbH","relationLabel":"Saia-Burgess Electronics Holding AG←SUMIDA CORPORATION / Sumida Holding Germany GmbH","offerPriceYen":null,"offerPriceText":"CHF 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CORPORATION","kind":"official","confidence":"medium"}],"bidderCode":null,"year":2005,"caseStudyUrl":"https://tobradar.com/tob/deals/2005-legacy_foreign_saia_burgess_sumida/","caseStudyJsonUrl":"https://tobradar.com/tob-data/cases/2005-legacy_foreign_saia_burgess_sumida.json"},"research":{"schemaVersion":2,"year":2005,"dealId":"2005_legacy_foreign_saia_burgess_sumida","editorialStatus":"publish_ready","researchedAt":"2026-07-17","reviewedAt":"2026-07-19","author":"noru","reviewedBy":"noru","evidenceMode":"primary_verified","sources":[{"id":"s-legacy-foreign-saia-burgess-sumida-0","tier":"primary","documentType":"tender_offer_announcement","publisher":"SUMIDA CORPORATION","title":"SUMIDA CORPORATION launches formal tender offer for Saia-Burgess Electronics Holding AG","url":"https://www.sumida.com/news/downloads/20050722_01.1402037605.pdf","publishedAt":"2005-07-22","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-saia-burgess-sumida-1","tier":"primary","documentType":"tender_offer_announcement","publisher":"SUMIDA CORPORATION","title":"Notice of the Extension of the Period of TOB","url":"https://www.sumida.com/news/downloads/20050922_01.1402036727.pdf","publishedAt":"2005-09-22","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-saia-burgess-sumida-2","tier":"primary","documentType":"annual_report","publisher":"SUMIDA CORPORATION","title":"Financial Results for the 3rd Quarter ended 30 September 2005","url":"https://www.sumida.com/investor-relations/downloads/20051026-Q3-En.2005_q3.pdf","publishedAt":"2005-10-26","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-saia-burgess-sumida-3","tier":"primary","documentType":"official_website","publisher":"SUMIDA CORPORATION","title":"Announcement of extraordinary gain & revision of consolidated business forecast for the 4th Quarter of 2005","url":"https://www.sumida.com/news/downloads/20051122_02E.1402888875.pdf","publishedAt":"2005-11-22","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-saia-burgess-sumida-4","tier":"secondary","documentType":"news_report","publisher":"Le Temps","title":"Sumida renonce à Saia-Burgess","url":"https://www.letemps.ch/economie/sumida-renonce-saiaburgess","publishedAt":"2005-09-29","accessedAt":"2026-07-17"}],"facts":[{"id":"f-legacy-foreign-saia-burgess-sumida-1","text":"SUMIDAはSaia-Burgess Electronics Holding AGに1株950スイスフランの公開買付けを提示した。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-0"],"locator":"開始資料・Offer price","confidence":"qualified"},{"id":"f-legacy-foreign-saia-burgess-sumida-2","text":"当初の買付期間は2005年8月5日から9月1日までとされた。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-0"],"locator":"開始資料・Offer period","confidence":"qualified"},{"id":"f-legacy-foreign-saia-burgess-sumida-3","text":"開始時点でSUMIDAは26.12％を保有し、さらに3.26％相当のオプションを有していた。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-0"],"locator":"開始資料・Existing stake and options","confidence":"qualified"},{"id":"f-legacy-foreign-saia-burgess-sumida-4","text":"Johnson Electricの競合提案を受け、SUMIDAは期間を2005年9月28日まで延長した。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-1"],"locator":"延長資料・Extension","confidence":"qualified"},{"id":"f-legacy-foreign-saia-burgess-sumida-5","text":"SUMIDAの四半期報告は、より高い競合価格が提示され自社の取得が成立しなかったと説明する。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-2"],"locator":"Q3 report・Competing offer outcome","confidence":"qualified"},{"id":"f-legacy-foreign-saia-burgess-sumida-6","text":"SUMIDAは保有するSaia-Burgess株式をJohnson Electric側のTOBへ応募・売却した。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-3"],"locator":"結果資料・Sale into competing offer","confidence":"qualified"},{"id":"f-legacy-foreign-saia-burgess-sumida-7","text":"同時代報道はJohnson Electricの競合価格を1株1,060スイスフランと伝え、SUMIDAの950スイスフランより110スイスフラン・約11.58％高い。","sourceIds":["s-legacy-foreign-saia-burgess-sumida-4"],"locator":"Le Temps・prix concurrent","confidence":"qualified"}],"analysis":{"lead":{"text":"Saia-Burgess Electronics Holding AGを巡るSUMIDAの1株950スイスフラン提案は、Johnson Electricの1株1,060スイスフラン競合提案を受けて成立しなかった。SUMIDAは保有していた26.12％の株式を競合TOBへ応募・売却し、3.26％相当のオプションは株式持分と区別して扱う。","evidence":["f-legacy-foreign-saia-burgess-sumida-1","f-legacy-foreign-saia-burgess-sumida-3","f-legacy-foreign-saia-burgess-sumida-5","f-legacy-foreign-saia-burgess-sumida-6","f-legacy-foreign-saia-burgess-sumida-7"]},"background":[{"text":"当初期間は2005年8月5日から9月1日までだった。SUMIDAは26.12％の株式に加えて3.26％相当のオプションを有していたが、二つを合算して保有株式比率とは表示しない。","evidence":["f-legacy-foreign-saia-burgess-sumida-2","f-legacy-foreign-saia-burgess-sumida-3"]},{"text":"Johnson Electricの競合提案後、SUMIDAは買付期間を9月28日まで延長したが、より高い競合価格を理由に取得は成立しなかった。1,060スイスフランはSUMIDAの950スイスフランを110スイスフラン上回った。","evidence":["f-legacy-foreign-saia-burgess-sumida-4","f-legacy-foreign-saia-burgess-sumida-5","f-legacy-foreign-saia-burgess-sumida-1","f-legacy-foreign-saia-burgess-sumida-7"]}],"rationale":[{"text":"回収資料から確認できるのはSUMIDAが開始した価格、期間、既存持分と、その後の競合提案である。買付目論見書を未収集のため、技術・顧客面の具体的な統合効果は本件の確認事実として記載しない。","evidence":["f-legacy-foreign-saia-burgess-sumida-1","f-legacy-foreign-saia-burgess-sumida-2","f-legacy-foreign-saia-burgess-sumida-3","f-legacy-foreign-saia-burgess-sumida-4"]},{"text":"SUMIDAは自社の取得が成立しなかった後、保有株をJohnson Electric側のTOBへ応募・売却した。取得目的は未達だが、保有株の売却という別の結果は公式資料で確認できる。","evidence":["f-legacy-foreign-saia-burgess-sumida-5","f-legacy-foreign-saia-burgess-sumida-6"]}],"premiumView":{"text":"競合価格1,060スイスフランはSUMIDAの950スイスフランを110スイスフラン、率にして約11.58％上回る。資金確実性や条件充足など他の条件は回収資料で揃っていないため、価格差だけで提案全体の優劣は判定しない。","evidence":["f-legacy-foreign-saia-burgess-sumida-1","f-legacy-foreign-saia-burgess-sumida-7"]},"shareholderAngle":{"text":"Saia-Burgess株主には950スイスフランと1,060スイスフランの競合提案が示された。SUMIDAの26.12％保有と3.26％相当のオプションもあったが、取締役会意見とスイス買収委員会資料が未収集で、手続全体は評価できない。","evidence":["f-legacy-foreign-saia-burgess-sumida-1","f-legacy-foreign-saia-burgess-sumida-3","f-legacy-foreign-saia-burgess-sumida-7"]},"outcomeAssessment":{"text":"SUMIDAによる取得はより高い競合提案を受けて成立しなかった。一方、SUMIDAが保有株をJohnson Electric側のTOBへ応募・売却したことは確認できるが、売却額や損益は事実化していない。","evidence":["f-legacy-foreign-saia-burgess-sumida-5","f-legacy-foreign-saia-burgess-sumida-6"]},"limitations":[{"text":"SUMIDAの公式資料で1株950スイスフラン、当初期間、26.12％の株式と3.26％相当のオプション、期間延長、不成立、保有株売却まで追跡した。競合価格1,060スイスフランは同時代報道に依存し、スイスの買付目論見書と最終報告も未収集であるため、Johnson Electric側の最終取得比率は扱っていない。","evidence":["f-legacy-foreign-saia-burgess-sumida-1","f-legacy-foreign-saia-burgess-sumida-2","f-legacy-foreign-saia-burgess-sumida-3","f-legacy-foreign-saia-burgess-sumida-4","f-legacy-foreign-saia-burgess-sumida-5","f-legacy-foreign-saia-burgess-sumida-6","f-legacy-foreign-saia-burgess-sumida-7"]}]}}}