Mitsui Fudosan Co. announced on Tuesday that it has completed a takeover bid for Tokyo Dome Corp. after its tender offer for 84.8% of all shares was successful.
The commercial real estate giant plans to complete procedures for making Tokyo Dome a wholly owned subsidiary, after which it will sell 20% of its stake to The Yomiuri Shimbun Holdings.
Looking at future redevelopment of the Tokyo Dome complex, the facilities and operations will be bolstered to attract more visitors.
Mitsui Fudosan is strong in urban development and The Yomiuri Shimbun, as owner of the Yomiuri Giants and promoter of Major League Baseball games in Japan, is a leader in the professional baseball business. By combining that with Tokyo Dome's know-how on facility management, the aim is to boost profits. The three companies will discuss future business development.
Tokyo Dome will soon hold an extraordinary shareholders' meeting to adopt a resolution on consolidation of shares. Shares held by shareholders who did not respond to the tender offer will be bought up and Mitsui Fudosan will make Tokyo Dome a wholly owned subsidiary. The Tokyo Dome shares will be delisted from the First Section of the Tokyo Stock Exchange.
Tokyo Dome owns the stadium of that name in Tokyo's Bunkyo Ward, and also operates a hotel, amusement park and commercial facility in the complex. The coronavirus crisis has dealt the company a harsh financial blow because of restrictions on the holding of events.
"We want to make full use of the strengths and knowledge of the three companies, and unite as one to enhance the attractiveness of the facilities," a Mitsui Fudosan official said. "Including the surrounding area, we aim to build a place that will attract people."
Toshikazu Yamaguchi, president of The Yomiuri Shimbun Holdings, said, "In cooperation with Mitsui Fudosan and Tokyo Dome, we will provide a satisfying experience of watching [baseball games] and value to visitors through the integrated management of the Yomiuri Giants and Tokyo Dome."
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