Itochu’s Tender Offer for FamilyMart Ends in Success
Tokyo, Aug. 25 (Jiji Press)--Major Japanese trading house Itochu Corp. <8001> said Tuesday that its tender offer for convenience store operator FamilyMart Co. <8028> has ended in success.
In the tender offer that ended Monday, Itochu, which already holds a 50.1 pct stake in FamilyMart, proposed buying shares in the company for 2,300 yen apiece.
Itochu received offers from FamilyMart shareholders to sell a combined stake of 15.6 pct, higher than the minimum requirement of 9.9 pct set for a successful tender offer. As Itochu will buy all of the shares offered, its stake in FamilyMart will rise to 65.7 pct.
FamilyMart will hold an extraordinary shareholders meeting in late October. Following such procedures as a reverse stock split, FamilyMart will be delisted from the Tokyo Stock Exchange.
Japanese convenience store operators, including FamilyMart, are seeing a slump in earnings due to the fallout of the new coronavirus crisis. Itochu aims to help FamilyMart improve its earnings early through cooperation with companies affiliated with the trader.
[Copyright The Jiji Press, Ltd.]