Kobe Court Suspends Kansai Super Market's Merger with H2O

Economy

Kobe, Nov. 22 (Jiji Press)--Kobe District Court in western Japan on Monday accepted a request from supermarket operator OK Corp. to suspend industry peer Kansai Super Market Ltd.'s <9919> management integration with H2O Retailing Corp. <8242>.

OK, based in the city of Yokohama, south of Tokyo, filed the request earlier this month, after shareholders of Kansai Super Market voted late last month to narrowly approve the management integration slated for Dec. 1.

A major Kansai Super Market shareholder itself, OK claimed that there was a problem in the voting process.

Following the court decision, OK released a statement that the court issued the ruling based on common sense. If the management integration is canceled, the company plans to propose a tender offer for Kansai Super Market again.

Kansai Super Market can file an objection to the ruling.

[Copyright The Jiji Press, Ltd.]

Jiji Press