Mitsui Fudosan to discuss bid for Tokyo Dome on Friday (updated)

Mitsui Fudosan Co

26/11/2020 23:37

(Updates with companies' statements)
    TOKYO, Nov 27 (Reuters) - Japanese property developer Mitsui
Fudosan Co  8801.T  said it would discuss a plan to acquire
ballpark operator Tokyo Dome Corp  9681.T  at a board meeting on
Friday in a deal reportedly seen topping 100 billion yen ($960
million).
    In separate statements, Mitsui Fudosan and Tokyo Dome said
they would promptly announce any final decision on the tender
offer bid, which was first reported by Bloomberg late on
Thursday. 
    At Thursday's closing share price of 897 yen, Tokyo Dome has
a market capitalisation of about 86 billion yen. Bloomberg
reported that Mitsui Fudosan's bid, with a partner, would top
100 billon yen with a premium.
    Tokyo Dome recently became the latest target for corporate
activism, with Hong Kong-based fund Oasis Management, its top
shareholder, calling for a special shareholders' meeting to
remove three board members, including President Tsutomu Nagaoka.
    The fund has argued that Tokyo Dome was not making the best
use of the prime location of its stadium, as well as the hotel
and theme park in the complex. The company is due to hold the
extraordinary shareholder meeting on Dec. 17.  urn:newsml:reuters.com:*:nL4N2HW20H

 ($1 = 104.2200 yen)

 (Reporting by Chang-Ran Kim in Tokyo; editing by Richard Pullin
and Jane Wardell)
 ((Ran.kim@thomsonreuters.com))