Hoya Corporation recently indicated that it could use its strong cash flow to expand its Life Care division, which includes the production of ophthalmic lenses, but it is now planning to invest in its Semiconductor Technology division. The Japanese group has made an unsolicited $1.4 billion bid for a producer of chip-making equipment, NuFlare Technology, controlled by Toshiba, which wants to take it private. Hoya is offering 12,900 yen (€106-$118) per share, while Toshiba, which already owns 52.4 percent of NuFlare, is offering 11,900 yen (€97.50-$109). NuFlare said that it will declare its position after examining Hoya's offer and other information. Toshiba argues that its offer to minority investors is fair. Hoya indicated that it would drop the purchase if it does not obtain at least 66.7 percent of NuFlare's capital.

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