Nippon Yusen Kabushiki Kaisha (TYO:9101) plans to launch a tender offer to acquire all outstanding shares of NS United Kaiun Kaisha as part of a privatization process, according to a Friday filing on the Tokyo Stock Exchange.

The offer price is set at 10,600 yen per share, with a minimum purchase threshold of 3.52 million shares and no maximum limit, the filing said.

The tender offer is expected to begin in late November or late December, conditional on regulatory approvals and other applicable conditions, and is expected to remain open for about 20 business days in the U.S. to comply with the minimum tender offer period required under U.S. securities laws, it said.

Shares of Nippon Yusen Kabushiki Kaisha fell over 3% in recent trade.