Yokohama Maruuo Co., Ltd. cancelled the acquisition of remaining 33.69% stake in Kawasaki Maruuo Co.,Ltd. from Kyokuyo Co., Ltd., Bank of Yokohama Ltd., Maruha Nichiro Seafoods, Inc., Nichirei Fresh Inc and other shareholders.
May 17, 2014 at 05:00 am
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Yokohama Maruuo Co., Ltd. (JASDAQ:8045) signed a share exchange contract to acquire remaining 33.69% stake in Kawasaki Maruuo Co.,Ltd. from Kyokuyo Co., Ltd. (TSE:1301), Bank of Yokohama Ltd., Maruha Nichiro Seafoods, Inc., Nichirei Fresh Inc and other shareholders for approximately ¥200 million in stock on May 17, 2013. Yokohama Maruuo will acquire 1.75 million shares of Kawasaki Maruuo for an exchange ratio of 0.275 shares by issuing 0.48 million shares. Kyokuyo Co. will be selling 4.81% stake, Maruha Nichiro will be selling 7.69% stake, Bank of Yokohama will be selling 4.81% stake and Nichirei Fresh will be selling 2.88% stake in Kawasaki Maruuo. Kawasaki Maruuo reported net assets of ¥816 million, total assets of ¥2.17 billion, net sales of ¥16.56 billion, net income of ¥21 million and operating income of ¥26 million for year ending March 2013.
The transaction was resolved by Board of Directors of Yokohama Maruuo and Kawasaki Maruuo on May 17, 2013. The transaction is subject to approval from shareholders of Kawasaki Maruuo in general meeting to be held on June 25, 2013. The transaction is expected to be completed on October 1, 2013. Mizuho Securities Co., Ltd. acted as independent calculation agent for Yokohama Maruuo Co to ensure fairness and validity of share exchange ratio.
Yokohama Maruuo Co., Ltd. (JASDAQ:8045) cancelled the acquisition of remaining 33.69% stake in Kawasaki Maruuo Co.,Ltd. from Kyokuyo Co., Ltd. (TSE:1301), Bank of Yokohama Ltd., Maruha Nichiro Seafoods, Inc., Nichirei Fresh Inc and other shareholders on May 17, 2014.
Yokohama Maruuo Co., Ltd. is engaged in the wholesale of marine products. The Company operates in four business segments. The Marine Product Wholesale segment is engaged in the wholesale of marine products in central wholesale markets located in Yokohama and Kawasaki cities, as well as regional wholesale markets in Kawasaki city. The Marine Product Sale segment is engaged in the purchase of marine products from central wholesale markets, as well as the sale of marine products mainly to general merchandising stores and restaurant industry. The Real Estate Leasing segment is engaged in the leasing of rental condominiums. The Transportation segment is engaged in the transportation of marine products.
Yokohama Maruuo Co., Ltd. cancelled the acquisition of remaining 33.69% stake in Kawasaki Maruuo Co.,Ltd. from Kyokuyo Co., Ltd., Bank of Yokohama Ltd., Maruha Nichiro Seafoods, Inc., Nichirei Fresh Inc and other shareholders.
YOKOHAMA MARUUO CO., LTD. 
