Japan's OK Corp to launch counter bid for Kansai Super Market, Nikkei reports (updated)
02/09/2021 11:08
(Updates throughout)
TOKYO, Sept 2 (Reuters) - Japanese supermarket operator OK
Corp will launch a counter bid for Kansai Super Market Ltd.
9919.T , which has already agreed to integrate with H2O
Retailing, the Nikkei reported on Thursday.
OK Corp will attempt to win support from shareholders to
oppose the integration at a shareholders meeting scheduled for
Oct. 29, when a share exchange between Kansai Super Market and
H2O Retailing will be subject to approval, the report said.
OK Corp now owns 7% of Kansai Super Market's shares.
Aiming to expand from Japan's eastern region to the west
where Kansai Super Market is based, OK Corp had proposed a
takeover to Kansai Super Market in June, the Nikkei said.
But Kansai Super Market said on Tuesday it had agreed to a
capital and business alliance with H2O Retailing Corp.
urn:newsml:reuters.com:*:nL1N2Q2012
A spokesperson for H2O Retailing told Reuters the company
was in the process of confirming details reported in the Nikkei
report. He said there was no change to the plan for H2O
Retailing to integrate Kansai Super Market.
OK Corp and Kansai Super Market did not immediately respond
to requests for comment outside normal office hours.
(Reporting by Sakura Murakami; Editing by Edmund Blair)
((Sakura.Murakami@thomsonreuters.com;))