Lixil Group to Sell Home Improvement Store Unit
Tokyo, June 9 (Jiji Press)--Major Japanese housing equipment maker Lixil Group Corp. <5938> said Tuesday it will sell its shares in home improvement store subsidiary Lixil Viva Corp. <3564> for 56.6 billion yen.
Lixil Viva will be a wholly owned unit of do-it-yourself store operator Arcland Sakamoto Co. <9842>, based in Sanjo, Niigata Prefecture, central Japan.
Arcland Sakamoto will launch a tender offer to buy Lixil Viva shares for 2,600 yen apiece from all shareholders other than Lixil Group, which has a 53 pct equity stake in Lixil Viva.
The tender offer will run from Wednesday until July 21.
Lixil Viva will buy the 53 pct stake from Lixil Group before becoming the subsidiary of Arcland Sakamoto.
[Copyright The Jiji Press, Ltd.]