Mitsui Fudosan to discuss bid for Tokyo Dome on Friday

Updates with companies’ statements

TOKYO, Nov 27 (Reuters)Japanese property developer Mitsui Fudosan Co 8801.Tsaid it would discuss a plan to acquire ballpark operator Tokyo Dome Corp 9681.T at a board meeting on Friday in a deal reportedly seen topping 100 billion yen ($960 million).

In separate statements, Mitsui Fudosan and Tokyo Dome said they would promptly announce any final decision on the tender offer bid, which was first reported by Bloomberg late on Thursday.

At Thursday’s closing share price of 897 yen, Tokyo Dome has a market capitalisation of about 86 billion yen. Bloomberg reported that Mitsui Fudosan’s bid, with a partner, would top 100 billon yen with a premium.

Tokyo Dome recently became the latest target for corporate activism, with Hong Kong-based fund Oasis Management, its top shareholder, calling for a special shareholders’ meeting to remove three board members, including President Tsutomu Nagaoka.

The fund has argued that Tokyo Dome was not making the best use of the prime location of its stadium, as well as the hotel and theme park in the complex. The company is due to hold the extraordinary shareholder meeting on Dec. 17.

($1 = 104.2200 yen)

(Reporting by Chang-Ran Kim in Tokyo; editing by Richard Pullin and Jane Wardell)

(([email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article