Social icon element need JNews Essential plugin to be activated.
Thursday, May 19, 2022
  • Login
Literary Reviews
  • Home
  • OUR BOOK SHOP
    • Erotic Novels
    • BEST SELLING BOOKS
    • Science Fiction Books
    • Business and Management
    • Computing and IT
    • Cooking
    • Education
    • Religion & Spirituality
    • Self Help
    • Teens & Young Adults
  • Literary Review
  • Literature
  • Book Writing
  • Kindle Publishing
  • Romantic
  • Science Fiction
  • Cooking
  • MORE
    • Erotic
    • Mysteries, Thrillers
    • Literary Themes
    • Business and Management
    • Literary Agents
    • Literary Devices
    • New Books
    • Self Help
    • Teens & Young Adults Novels
    • Computing and IT
    • Education
    • Religion & Spirituality Novels
No Result
View All Result
Literary Reviews
Home Business and Management

Japan’s Shimachu backs Nitori’s ¥214 billion takeover bid

admin by admin
November 14, 2020
in Business and Management
0
Japan’s Shimachu backs Nitori’s ¥214 billion takeover bid
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Japanese home improvement retailer Shimachu Co. Ltd. on Friday said it will accept a ¥214 billion buyout bid from furniture chain Nitori Holdings Co., rejecting an earlier agreed to offer from peer DCM Holdings Co. Ltd.

The switch reflects a changing investment culture in Japan, where unsolicited, hostile takeover offers were once considered taboo. Their rise comes as the government pushes for better corporate governance, putting management under pressure to improve shareholder returns, especially during buyouts.

Related posts

Millennial To Pay Finder’s Fee For Acquisition

Millennial To Pay Finder’s Fee For Acquisition

June 11, 2021
Celebrate Pride Month with These Books, Podcasts, Movies, and TV Shows | BU Today

Celebrate Pride Month with These Books, Podcasts, Movies, and TV Shows | BU Today

June 11, 2021

“Initially, we thought we could get immediate synergies from the products made by DCM, which runs a similar business to us,” Shimachu President Takaaki Okano told a news briefing.

“But we have come to the conclusion that Nitori could help us grow bigger with its expertise originated from its own business model.”

Shimachu’s shift is also a sign that Japanese management, which has long been protected by cross-shareholdings, is opening up its doors to proposals that could threaten its positions.

Just this week Tokyo Dome Corp., owner of the stadium where the Yomiuri Giants are based, accepted an activist proposal to hold an extraordinary shareholders meeting to vote on whether to keep the company’s top management.

“So-called hostile takeovers by ‘strategic acquirers’ such as other listed companies are finally starting to happen in Japan. Slowly they are becoming more accepted by society and appreciated by investors,” said Nicholas Benes, head of the Board Director Training Institute of Japan.

Buying Shimachu would give greater presence in Tokyo to Nitori — known for selling items as varied as sofas and kitchen tools at affordable prices — as retailers seek growth even as the novel coronavirus pandemic slows consumption.

Shimachu runs about 60 stores for furniture and home improvement items in the Tokyo region, while Nitori runs about 600 stores in Japan and overseas.

“Shimachu is attractive because it has stores in Tokyo where the population is dense,” said Nitori CEO Akio Nitori.

On Friday, Nitori said there was no change in its offer of ¥5,500 per share to buy all of Shimachu, valuing the deal at ¥214 billion ($2.04 billion). DCM, which owns DIY stores nationwide, had bid at ¥4,200 per share in an offer expiring on Monday.

Shimachu said it would withdraw its endorsement of DCM’s bid and Nitori said it would launch its tender offer on Nov. 16.

Nitori initially flagged a possible bid to buy Shimachu on the day an investment group backed by prominent activist investor Yoshiaki Murakami revealed it owned 8.38% of Shimachu and considered DCM’s offer cheap.

The deal would take spending on domestic acquisitions this year to a 15-year high of $108 billion, Refinitiv data showed. Of that, 13% involved retailers as either suitor or target.

PHOTO GALLERY (CLICK TO ENLARGE)


  • Nitori CEO Akio Nitori (right) and Shimachu President Takaaki Okano at a news conference in Tokyo on Friday | KYODO


  • Buying Shimachu would give greater presence in Tokyo to Nitori as retailers seek growth even as the novel coronavirus pandemic slows consumption. | KYODO

[ad_2]

Tags: backsbidBillionJapansNitorisShimachutakeover
Previous Post

Small Axe: the black British culture behind Steve McQueen’s new series | Television & radio

Next Post

Top New Science Fiction Books in July 2020

Next Post
Top New Science Fiction Books in July 2020

Top New Science Fiction Books in July 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RELATED PRODUCTS

  • Human Resource Management in a Business Context (UK PROFESSIONAL BUSINESS Management / Business) Human Resource Management in a Business Context (UK PROFESSIONAL BUSINESS Management / Business) £35.10
  • How to Succeed with People: Remarkably easy ways to engage, influence and motivate almost anyone How to Succeed with People: Remarkably easy ways to engage, influence and motivate almost anyone £8.36
  • A Dictionary of Business and Management (Oxford Quick Reference) A Dictionary of Business and Management (Oxford Quick Reference) £8.67
  • Psychology, Religion, and Spirituality: Concepts and Applications (Cambridge Studies in Religion, Philosophy, and… Psychology, Religion, and Spirituality: Concepts and Applications (Cambridge Studies in Religion, Philosophy, and… £21.99
  • Blackstone’s Handbook for Policing Students 2020 Blackstone's Handbook for Policing Students 2020 £31.29

PRODUCT CATEGORIES

  • Best Selling Books
  • Erotic
  • Science Fiction Books
  • Cooking
  • Business and Management
  • Education
  • Computing and IT
  • Religion & Spirituality
  • Teens & Young Adults
  • Self Help
  • Mysteries, Thrillers & Suspense
  • Romance Books

Recent News

  • The Recorder – New books ‘popping up’ at Cushman Library in Bernardston
  • 8 of the Best Romantic Novels About Breakups
  • Studio B Combines Visual, Literary Art in “My Favorite Things: Beauties Are Joys Forever”

Category

  • Book Writing
  • Business and Management
  • Computing and IT
  • Cooking Books
  • Education
  • Erotic
  • Kindle Publishing
  • Literary Agents
  • Literary Devices
  • Literary Review
  • Literary Themes
  • Literature
  • Mysteries, Thrillers & Suspense
  • New Books
  • Religion & Spirituality
  • Romantic Novels
  • Science Fiction
  • Self Help
  • Home
  • OUR BOOK SHOP
  • Literary Review
  • Literature
  • Book Writing
  • Kindle Publishing
  • Romantic
  • Science Fiction
  • Cooking
  • MORE

© 2020 literaryreviews

No Result
View All Result
  • Home
  • OUR BOOK SHOP
    • Erotic Novels
    • BEST SELLING BOOKS
    • Science Fiction Books
    • Business and Management
    • Computing and IT
    • Cooking
    • Education
    • Religion & Spirituality
    • Self Help
    • Teens & Young Adults
  • Literary Review
  • Literature
  • Book Writing
  • Kindle Publishing
  • Romantic
  • Science Fiction
  • Cooking
  • MORE
    • Erotic
    • Mysteries, Thrillers
    • Literary Themes
    • Business and Management
    • Literary Agents
    • Literary Devices
    • New Books
    • Self Help
    • Teens & Young Adults Novels
    • Computing and IT
    • Education
    • Religion & Spirituality Novels

© 2020 literaryreviews

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In