The Yomiuri Shimbun Holdings said Tuesday that its tender offer for the Yomiuri Land Co. was complete, as it had received applications for the sale of 73% of Yomiuri Land shares in response to the offer. The Yomiuri Shimbun Holdings will own 89.27% of the company, including its existing interest.
Yomiuri Land is expected to hold an extraordinary shareholders meeting in February, at which the consolidation of the shares will be formally approved. The Yomiuri Shimbun Holdings will then buy shares from shareholders who did not apply for the tender offer and make Yomiuri Land a wholly owned subsidiary.
Yomiuri Land, which is now listed on the Tokyo Stock Exchange's First Section, is expected to be delisted.
By positioning Yomiuri Land as the core of the group's sports and entertainment businesses, The Yomiuri Shimbun Holdings is set to strengthen its management base by creating more synergies among group companies.
Yomiuri Shimbun Holdings President Toshikazu Yamaguchi said: "We are grateful for the support of shareholders as we have received approval for the latest move from many of them. Together with Yomiuri Land, we would like to contribute to society by creating even more value in the field of sports and leisure."
Read more from The Japan News at https://japannews.yomiuri.co.jp/
