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Itochu to Take Dentsu Soken Private via Tender Offer
Itochu announced on the 28th that it will conduct a tender offer for Dentsu Soken, a major system development company, at 2,880 yen per share through a subsidiary. Dentsu Soken plans to agree to the proposal, and Itochu will acquire 38.2% of shares, excluding those held by Dentsu Group, to take the company private. Regarding Dentsu Soken, the parent-subsidiary listing had been criticized by overseas institutional investors, and Dentsu Group had been considering taking it private to improve corporate governance. Dentsu Soken's market capitalization was 535.6 billion yen at the close on the 27th, and the total tender offer is expected to exceed 200 billion yen.
4812.JP · Capital · Positive Dentsu Soken is the target of Itochu's tender offer at 2,880 yen per share, taking the company private.
8001.JP · Capital · Positive Itochu will conduct a tender offer for Dentsu Soken at 2,880 yen per share to acquire 38.2% and take it private.
4324.JP · Capital · Positive Dentsu Group had been considering taking Dentsu Soken private to improve governance; the tender offer resolves the criticized parent-subsidiary listing.