Japan's DCM says to extend offer for rival Shimachu to Dec 1 (updated)
16/11/2020 08:47
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TOKYO, Nov 16 (Reuters) - Japanese home improvement retailer
DCM Holdings 3050.T said on Monday it has extended its bid for
smaller rival Shimachu Co 8184.T to Dec. 1.
The extension comes after Shimachu last week accepted a
higher bid from furniture chain Nitori Holdings Co Ltd 9843.T
and rejected an earlier agreed offer from DCM Holdings.
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DCM has offered Shimachu shareholders 4,200 yen per share,
valuing the deal at 164 billion yen ($1.57 billion), while
Nitori has offered 5,500 yen per share in a 214 billion yen
deal.
DCM has not raised its offer price.
Shimachu shares closed at 5,490 yen on Monday.
($1 = 104.4100 yen)
(Reporting by Daniel Leussink and Junko Fujita; editing by
Jason Neely)
((daniel.leussink@thomsonreuters.com; Twitter: @danielleussink;
+81-3-4563-2747;))