Hostile Japanese deal has a lot to hammer out
05/11/2020 03:41
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Jennifer Hughes
HONG KONG, Nov 5 (Reuters Breakingviews) - Furniture
retailer Nitori is planning an unsolicited $2 bln takeover bid
for DIY chain Shimachu, which has backed an offer from rival
DCM. This sort of aggressive M&A is a welcome change in a clubby
country. Destroying value in the process, however, might set
back the movement.
Full view will be published shortly.
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CONTEXT NEWS
- Japanese furniture retailer Nitori said on Oct. 29 that it
plans to offer 5,500 yen a share to buy Shimachu, valuing the
DIY chain at about 214 billion yen, or $2 billion. Shimachu’s
board on Oct. 2 backed a 4,200 yen per share offer from larger
rival DCM.
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Japan's Nitori says to make counter bid for Shimachu
urn:newsml:reuters.com:*:nL1N2HK0EZ
Japan's Nitori considers bid for Shimachu in challenge to DCM
offer urn:newsml:reuters.com:*:nL4N2HB52D
Japan's DCM to buy rival retailer Shimachu for $1.6 bln
urn:newsml:reuters.com:*:nL4N2GT18K
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(Editing by Jennifer Hughes and Katrina Hamlin)
((jennifer.hughes@thomsonreuters.com; Reuters Messaging:
jennifer.hughes.thomsonreuters.com@reuters.net))