Yahoo Japan pushes Zozo investors into new orbit
12/09/2019 14:27
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Pete Sweeney
LONDON, Sept 12 (Reuters Breakingviews) - The
SoftBank-backed web portal offered $3.7 bln for control of the
ailing fashion site. Zozo’s boss, who bought SpaceX’s first
ticket to the moon, is tendering most of his stake. Other owners
may want to sell too: Yahoo Japan recently trampled on minority
shareholders elsewhere.
Full view will be published shortly.
On Twitter https://twitter.com/petesweeneypro
CONTEXT NEWS
- Yahoo Japan on Sept. 12 offered to buy control of Japan's
biggest online fashion retailer Zozo for 400 billion yen ($3.7
billion). Its bid of 2,620 yen per share represents a 21%
premium to the closing price on Sept. 11.
- Zozo founder Yusaku Maezawa said he would step down as chief
executive and sell a 30% stake, leaving him about 6% of the
company. Yahoo Japan will own about 51% of Zozo under terms of
the tender offer.
- Zozo shares closed up 13%, at 2,457 yen, while Yahoo
Japan’s gained 2%.
- For previous columns by the author, Reuters customers can
click on SWEENEY/
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Yahoo Japan bids for control of fashion e-tailer Zozo for $3.7
bln urn:newsml:reuters.com:*:nL3N26243X
BREAKINGVIEWS - It’s time to quit Japanese staffing giant
Recruit urn:newsml:reuters.com:*:nL3N26321A
BREAKINGVIEWS - SoftBank plays its shell games with Yahoo Japan
urn:newsml:reuters.com:*:nL5N22K4TB
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(Editing by Jeffrey Goldfarb and Katrina Hamlin)
((pete.sweeney@thomsonreuters.com; Reuters Messaging:
pete.sweeney.thomsonreuters.com@reuters.net))