Nitori Holdings Co., Ltd. announced on December 29 that it has completed a takeover bid for Shimachu.
The number of shares tendered was 30,9772 shares, which exceeded the lower limit of 19,477,600 shares, and Shimachu will become a consolidated subsidiary on January 6, 2021 (the settlement start date of the tender offer).
The acquisition price is 165,053 million yen, and the percentage of voting rights owned after the acquisition of shares is 77.04%.
Nitori plans to make Shimachu a wholly owned subsidiary by proceeding with the purchase procedure for the remaining shares.
Regarding Shimachu, after DCM Holdings, a major home improvement company, started a takeover bid in October with the aim of making it a wholly owned subsidiary, Nitori also embarked on a takeover bid, which was an unusual development.
Shimachu once indicated his intention to agree to the DCM TOB, but after that, he signed a contract with Nitori for a business integration, and the previously terminated DCM TOB was not established.
Nitori intends to expand its sales network by putting Shimachu under its umbrella, absorb Shimachu’s know-how, and expand into new business formats.