By Kosaku Narioka
JSR shares were indicated sharply higher Monday morning following reports that government-backed Japan Investment Corp. plans to buy the company for about 1 trillion yen ($6.96 billion).
The shares were recently indicated 22% higher at the upper end of the day’s trading range of Y3,934 as buy orders overwhelmed sell orders. No shares have changed hands.
In response to the media reports, JSR said Saturday that the board is scheduled to discuss the potential acquisition of the company’s shares by JIC on Monday.
The Japanese chemical company said it would make an announcement once a decision is made.
Japanese business daily Nikkei reported Saturday that JIC is planning to acquire the maker of photoresist that is used in semiconductor production, for an economic security reason.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
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