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Mitsui Fudosan Set to Bid for Tokyo Dome to Ward Off Oasis

(Bloomberg) — Mitsui Fudosan Co. is poised to make a bid for Tokyo Dome Corp., helping the operator of one of Japan’s largest stadiums push back against activist investor Oasis Management Co.



a person standing in front of a building: A pedestrian wearing a protective mask walks past the Tokyo Dome in Tokyo, Japan, on Sunday, March 15, 2020. The growing disruptions at the highest level of global sports cast growing doubt that the 2020 Summer Olympics, scheduled to begin July 24 in Tokyo, can continue as planned.


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A pedestrian wearing a protective mask walks past the Tokyo Dome in Tokyo, Japan, on Sunday, March 15, 2020. The growing disruptions at the highest level of global sports cast growing doubt that the 2020 Summer Olympics, scheduled to begin July 24 in Tokyo, can continue as planned.

The Japanese real estate company is preparing to make a tender offer of about 100 billion yen ($960 million) for Tokyo Dome, according to people with knowledge of the matter. Mitsui Fudosan may team up with another company on the bid, according to the people, who asked not to be identified because the discussions are private. An announcement could come as soon as this month, they said.

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The boards of Mitsui Fudosan and Tokyo Dome will discuss a tender offer at respective meetings on Friday, the companies said in separate statements. They said they weren’t the source of media reports.

Tokyo Dome has been fending off a campaign by Seth Fischer’s Oasis Management to seek changes to improve its business. As the stadium operator’s largest investor, the fund has called for a shareholder meeting to vote on whether its president and two board directors should stay in their jobs. Shareholders are scheduled to meet on Dec. 17.

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A takeover would be “somewhat positive” for Mitsui Fudosan, Masashi Miki, an analyst at Citigroup Inc., wrote in a note. “The deal would allow it to acquire prime city center real estate and would also lead to ROE improvements, given the scale of the acquisition.”

Oasis has a 9.6% stake in Tokyo Dome, according to data compiled by Bloomberg. That means any tender offer could gain the requisite approval of two thirds of shareholders without the fund’s consent.

Shares of Tokyo Dome have dropped 17% this year, giving it a market value of about 86 billion yen. The stadium is the home ground for the Yomiuri Giants baseball team and is a popular concert venue. Its prospects have dimmed since the coronavirus pandemic forced the operator to curtail activities and attendances at the site.

(Updates with company comments in the third paragraph)

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