Mitsui Fudosan Announces Tender Offer for Tokyo Dome

Economy

Tokyo, Nov. 27 (Jiji Press)--Major Japanese real estate developer Mitsui Fudosan Co. <8801> said Friday that it will launch a tender offer for Tokyo Dome Corp. <9681> to make the operator of the stadium a subsidiary.

In the offer, Mitsui Fudosan aims to buy all outstanding Tokyo Dome shares at a total of about 120 billion yen.

After completing the acquisition, Mitsui Fudosan will sell 20 pct of the Tokyo Dome shares to Yomiuri Shimbun Holdings, the publisher of the major Japanese newspaper Yomiuri Shimbun. Tokyo Dome has announced its support for the tender offer, making it a friendly bid.

The development came at a time when Tokyo Dome is at odds with Hong Kong-based investment fund Oasis Management, which owns an equity stake of nearly 10 pct in Tokyo Dome, over management policy. The fund has submitted a shareholder proposal that three Tokyo Dome executives, including President Tsutomu Nagaoka, be removed.

Mitsui Fudosan is set to become a white knight for Tokyo Dome to fend off the fund's influence.

[Copyright The Jiji Press, Ltd.]

Jiji Press