3D Investment Partners offers to take Japanese film company Tohokushinsha private (updated)
25/07/2024 03:14
(Recasts and writes through)
By Anton Bridge
TOKYO, July 25 (Reuters) - 3D Investment Partners has
offered to become a majority shareholder in Japanese film
company Tohokushinsha 2329.T and take it private in a deal
that values the company as much as $575 million.
The Singapore-based investment firm, which holds some 18% of
Tohokushinsha, has proposed a purchase price of 600-650 yen per
share, it said in a statement on Thursday.
That represents a premium of 6%-15% to Tohokushinsha's
closing price on Wednesday of 565 yen.
Tohokushinsha, which dubs foreign TV shows and films into
Japanese, has set up a special committee to consider the offer.
It was also a co-producer of the 2003 film "Lost in
Translation" and worked on the 1980 TV miniseries "Shogun".
Trading in its shares was suspended on Thursday morning.
3D, which first began building its stake in 2020, said it
could best improve corporate value as majority shareholder
working alongside management and said that Tohokushinsha
currently does not meet the criteria for maintaining its listing
as fewer than 25% of its shares are in circulation.
It added that Tohokushinsha's management would have to
agree to the delisting and other business plans proposed by 3D
for the proposal to succeed.
($1 = 152.9700 yen)
(Reporting by Anton Bridge; Editing by Edwina Gibbs)
((Anton.Bridge@thomsonreuters.com;))