US retail giant Wal-Mart has completed its tender offer to acquire total control of former Japanese subsidiary Seiyu.
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Wal-Mart said over 411m ordinary shares in Seiyu had been tendered and, once those shares have been transferred, its stake in the Japansese retailer would rise from 50.9% to 95.1%, well above the tender offer’s minimum target of two-thirds ownership.
In addition, all preferred shares not already held by Wal-Mart were tendered, the company added.
Wal-Mart will now move to acquire all of the remaining shares, which will result in the delisting of Seiyu from the Tokyo Stock Exchange.
“We are very pleased with the positive response to this tender offer,” said Wal-Mart vice chairman Mike Duke. “This successful result paves the way to achieve our stated goal of full ownership of Seiyu, which will enable Seiyu and Wal-Mart together to accelerate the delivery of long-term benefits to our customers, the communities we serve, our associates and our business partners.”
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By GlobalDataWal-Mart launched its tender offer in October, and the offer closed yesterday (4 December). The settlement process for all the shares now tendered is scheduled to begin on 11 December.
Seiyu operates both supermarkets and general merchandising stores in Japan, and as of August 2007 had some 393 stores in the country.
