Hoya, a Japanese company manufacturing optical products, launched a $1.4bn counter-bid for NuFlare, a developer and manufacturer of electron beam mask writers, epitaxial growth systems, and mask inspection devices. With Hoya offering a sweeter deal, it could also become another test case for Japan's corporate governance when it comes to seeking higher returns for shareholders. Hoya is offering $119 or $9 more than Toshiba, valuing NuFlare at $1.4bn. Hoya plans to acquire a minimum of 66.67% of NuFlare, meaning Toshiba's tender of part of its shares was a prerequisite for the deal to go through.