Japanese retailer AEON has launched its tender offer to more than double its stake in fellow retailer Daiei.

The offer was confirmed by Daiei in a filing yesterday (24 July), which said Aeon is seeking to increase its stake in the supermarket store operator to 44.23% from 19.89%.

Aeon will purchase around 48.4m shares at Y270 (US$27.70) per share through the tender offer, which will take place from today to 21 August.

Aeon bought its stake in Daiei in March 2007 in an investment worth JPY46.2bn.