A customer leaves a Lawson Inc. supermarket in Tokyo, Japan, on Tuesday, Oct. 6, 2020.
Bloomberg | Bloomberg | Getty Images
Shares in Japan’s third-largest convenience store chain Lawson rose 18% after the company received a privatization offer.
The offer stipulates that the conglomerate Mitsubishi and the mobile phone provider KDDI will jointly manage the convenience store chain and each own 50% of the shares.
KDDI plans to purchase shares from other shareholders at 10,360 yen ($70.07) each in April. The process is expected to be completed around September.
This represents a 16% premium to Lawson’s closing share price of 8,913 yen on Tuesday, making the offering worth around 500 billion yen ($3.4 billion).
KDDI currently owns a 2.11% stake in Lawson, while Mitsubishi owns 50.11%.
Stock chart iconStock chart icon
Mitsubishi said in a news release that Lawson’s shares will be delisted from the Tokyo Stock Exchange upon completion of the transaction.
Kyodo News reported that KDDI intends to use Lawson’s approximately 14,600 branches across the country to promote its banking and insurance products while offering remote smartphone support services in branches.
Separately, KDDI will also offer Lawson’s products and services in 2,200 of its wireless stores nationwide.
In return, Kyodo added that Lawson will implement KDDI’s technologies to improve the efficiency of its distribution network and strengthen its branch functions during disasters.
Source link
2024-02-07 03:03:07
www.cnbc.com
