Mitsui Fudosan’s Tender Offer for Tokyo Dome Successful
Tokyo, Jan. 20 (Jiji Press)--Major Japanese real estate developer Mitsui Fudosan Co. <8801> has said that the company is set to acquire an equity stake of 84.82 pct in Tokyo Dome Corp. <9681> as its tender offer for the dome stadium operator ended in success.
Mitsui Fudosan plans to buy all of the remaining Tokyo Dome shares to make the firm a fully owned subsidiary. Its total share acquisition costs will reach around 120 billion yen.
Later, 20 pct of the Tokyo Dome shares will be sold to major Japanese newspaper publisher Yomiuri Shimbun Holdings. Mitsui Fudosan and Yomiuri Shimbun Holdings will jointly work to improve Tokyo Dome’s profitability.
Tokyo Dome, now trading on the first section of the Tokyo Stock Exchange, will be delisted.
Mitsui Fudosan aims to boost Tokyo Dome’s earnings by utilizing its know-how on operating commercial facilities while considering the possibility of redeveloping the area around the stadium, home field for the Yomiuri Giants, a Japanese professional baseball team, including rebuilding the facility, located in Bunkyo Ward in the Japanese capital.
[Copyright The Jiji Press, Ltd.]