KDDI Corporation made an offer to acquire 47.07% stake in kabu.com Securities Co., Ltd. from a group of sellers for ¥87.7 billion.
The offer is subject to a minimum acceptance of 45.8 million shares of kabu.com and if the total number of the share certificates tendered falls short of the lower limit on the number of shares to be purchased, KDDI will not purchase all of the tendered shares. Transaction is subject to the approval by European Commission. kabu.com Securities has formed an independent special committee comprising of Taku Nomiya, Yasuhiro Yoshida and Fuminari Hako to evaluate the offer. The Board of kabu.com Securities recommends the shareholders to tender the shares in the offer. As of March 18, 2019, European Commission has approved the transaction. The offer will commence by late April 2019. As on April 24, 2019, the tender offer was commenced and the tender offer expiration date is June 13, 2019. As per the update on April 25, 2019, the Board of Directors of kabu.com Securities Co., Ltd. recommend the shareholders in the favor of the tender offer. Plutus Consulting Co., Ltd. acted as financial advisor and Mori Hamada & Matsumoto LPC acted as legal advisor for kabu.com Securities Co., Ltd. Ernst & Young Transaction Advisory Services Co. Ltd. acted as financial advisor for KDDI Corporation. Mitsubishi UFJ Morgan Stanley Securities acted as financial advisor to kabu.com Securities Co., Ltd. Daiwa Securities Group Inc. acted as a financial advisor to KDDI Corporation.