Nitori Says Considering Acquisition of Shimachu

Economy

Tokyo, Oct. 21 (Jiji Press)--Major Japanese furniture and interior goods retailer Nitori Holdings Co. <9843> announced Wednesday that it is considering acquiring midsize hardware store operator Shimachu Co. <8184>.

The move comes after DCM Holdings Co. <3050>, a major home furnishing store operator, launched on Oct. 5 a tender offer for Shimachu, aiming to make it a wholly owned subsidiary.

Nitori said in a statement that the company is always considering business acquisitions to promote its growth, noting that Shimachu could be a target.

Meanwhile, Shimachu commented that it has not received a specific proposal from Nitori.

DCM said that Shimachu supports its tender offer, adding that it will not comment on moves by other companies.

[Copyright The Jiji Press, Ltd.]

Jiji Press