Nichiigakkan to Go Private as MBO Ends in Success
Tokyo, Aug. 18 (Jiji Press)--Nichiigakkan Co. <9792> said Tuesday it will go private as its management's attempt to buy shares in the Japanese nursing service provider in cooperation with U.S. investment fund Bain Capital has ended in success.
In a tender offer that ended Monday, Nichiigakkan received offers from shareholders to sell a stake of over 82 pct in the company in terms of voting rights.
Following the successful management buyout, the company will be delisted from the first section of the Tokyo Stock Exchange after necessary procedures.
President Nobusuke Mori and other Nichiigakkan management members will continue to run the company, whose business also includes hospital staffing.
Going private will make decision-making quicker as Nichiigakkan needs to streamline its operations after its growth slowed following diversification efforts.
[Copyright The Jiji Press, Ltd.]