A unit of US confectioner Mars has unveiled a ¥26.6bn (US$221.2m) all-share offer for Japanese vending machine parts manufacturer Nippon Conlux.

Mars Electronics International, which makes transaction electronic products, is offering ¥710 per share, a 48.7% premium over the average closing price of the last six months.

“It’s a good premium and it reflects the value of the company and its prospects,” MEI President Steve Owens told Reuters in an interview. “It’s a very fair deal, so we are expecting a high percentage take up.”

The deal is supported by the board of Nippon Conlux and is dependent on MEI receiving more than half of the outstanding shares in the company.

MEI said the bid was the first takeover offer in Japan by the Mars group.