Toho Co., Ltd. made a bid to acquire remaining 40.93% stake in Toho Real Estate Co., Ltd. from Hankyu Hanshin Holdings Inc., H2O Retailing Corporation and other shareholders for ¥16.7 billion.
January 07, 2013
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Toho Co., Ltd. (TSE:9602) made a bid to acquire remaining 40.93% stake in Toho Real Estate Co., Ltd. (TSE:8833) from Hankyu Hanshin Holdings Inc. (TSE:9042), H2O Retailing Corporation (TSE:8242) and other shareholders for ¥16.7 billion on January 8, 2013. Toho Co., Ltd. is acquiring 22.7 million shares of Toho Real Estate Co., Ltd. at ¥735 per share. Post transaction, Toho Co., Ltd. will hold 100% stake in Toho Real Estate Co., Ltd. Hankyu Hanshin Holdings Inc is selling its 2.98 million shares of Toho Real Estate Co., Ltd. representing 5.38% stake and H2O Retailing Corporation is selling its 0.8 million shares representing 1.5% stake. The tender offer period will be from January 9, 2013 to February 21, 2013. A special committee including Takehiro Nakagawa, Nampei Hayashi and Yoshihiko Terada has been formed to review the transaction.
The transaction has been approved by Board of Directors of Toho Real Estate Co., Ltd. The transaction is conditioned for the scheduled delisting of common shares Toho Real Estate Co., Ltd. Daiwa Securities Co., Ltd. acted as valuer to Toho Co., Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd acted as financial advisor to Toho Real Estate Co., Ltd. TMI Associates acted as legal advisor to Toho Real Estate Co., Ltd. Nishimura and Asahi acted as legal advisor to Toho Co., Ltd.
Hankyu Hanshin Holdings, Inc. is a Japan-based holding company mainly engaged in transportation, real estate and other businesses. It operates in six business segments. The City Transportation segment is involved in the railway, automobile, distribution, advertisement and city transportation businesses. The Real Estate segment is mainly engaged in the real estate leasing and sales businesses. The Entertainment and Communication segment is engaged in the sports, stage, communication media and leisure businesses. The Travel segment is involved in the provision of traveling. The International Transportation segment involves in the international transportation business. The Hotel segment is engaged in the hotel business. The Company is also involved in the businesses including construction and environment business, group cards business, group financial business, human resource and accounting agency business, among others.
Toho Co., Ltd. made a bid to acquire remaining 40.93% stake in Toho Real Estate Co., Ltd. from Hankyu Hanshin Holdings Inc., H2O Retailing Corporation and other shareholders for ¥16.7 billion.
HANKYU HANSHIN HOLDINGS, INC. 
