TOKYO, Jul 24 (NNN-NHK) – Japanese convenience store chain, Lawson Inc. was delisted from the Tokyo Stock Exchange today, ending its 24-year-long history as a public company, following a takeover bid by KDDI Corp. earlier this year, local media reported.
The tender offer followed an agreement between telecom carrier KDDI and Lawson’s parent company, trading house Mitsubishi Corp., to take the convenience chain private, Kyodo News reported.
The offer would see Mitsubishi and KDDI jointly manage the retailer, with each owning a 50 percent stake, which is expected to be completed by Sept, the report said.
KDDI, which previously held 2.1 percent of Lawson shares, spent nearly 500 billion yen (3.2 billion U.S. dollars) on the tender offer.
The partnership aims to reach potential customers outside their respective business fields, while expanding Lawson’s services using KDDI’s digital technologies, the report added.
With some 14,600 stores in Japan, Lawson is the country’s third-largest convenience store chain, behind market leader 7-Eleven and FamilyMart.– NNN-NHK
