Japan's top court backs Kansai Super Market merger with H2O Retailing (updated)
14/12/2021 07:36
(Updates throughout; adds statements by Kansai Super Market and
OK Corp)
TOKYO, Dec 14 (Reuters) - Japan's supreme court has ruled in
support of Kansai Super Market Ltd's 9919.T merger with H2O
Retailing Corp 8242.T , Kansai Super Market said on Tuesday, a
decision that ends attempts by supermarket operator OK Corp to
halt the move.
OK Corp, which was interested in buying Kansai Super Market,
had sought an injunction over alleged irregularities with Kansai
Super Market's vote-counting process at the shareholder meeting
that approved its merger with H2O Retailing.
A district court initially granted an injunction that was
subsequently overturned in a high court.
In a statement on Tuesday, OK Corp said it would not
continue to pursue a takeover and would sell its stake back to
Kansai Super Market.
"We believe that a just decision has been made on the
matter," Kansai Super Market said in a statement on Tuesday
announcing the supreme court decision.
The merger will take place as planned on Wednesday, the
retailer said.
(Reporting by Sakura Murakami; Editing by Clarence Fernandez
and Christopher Cushing)
((Sakura.Murakami@thomsonreuters.com;))