Koji Hatano completed the acquisition of 72.6% stake in Pado Corporation from RIZAP GROUP, Inc., SANKEI LIVING SHIMBUN Inc. for ¥2.5 billion.
December 03, 2019
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Koji Hatano made an offer to acquire Pado Corporation (JASDAQ:4833) from RIZAP GROUP, Inc. (SPSE:2928), SANKEI LIVING SHIMBUN Inc. and others for ¥3.4 billion on November 6, 2019. Koji Hatano plans to acquire maximum of 20 million shares and minimum of 14.5 million shares for ¥170 each in the offer. Koji Hatano will enter into a tender offer application agreement with RIZAP on November 6, 2019. RIZAP has agreed to tender all 13.5 million Pado's shares held in the tender offer. Koji Hatano will enter into a tender offer application agreement with SANKEI LIVING SHIMBUN on November 6, 2019. SANKEI LIVING SHIMBUN has agreed to tender all 1 million Pado's shares held in the tender offer. The offer is not intended to delist Pado's shares and listing will be maintained. On November 6, 2019, board of directors of Pado expressed an opinion of approval. The offer period will be from November 7, 2019 to December 4, 2019. ES NETWORKS CO., LTD acted as the financial advisor to Pado. Chuo Sogo Law Office, P.C. acted as the legal advisor to Pado. Tokai Tokyo Securities Co., Ltd. acted as the tender offer agent in the transaction.
Koji Hatano completed the acquisition of 72.6% stake in Pado Corporation (JASDAQ:4833) from RIZAP GROUP, Inc. (SPSE:2928), SANKEI LIVING SHIMBUN Inc. for ¥2.5 billion on December 4, 2019. Koji Hatano acquired 14.5 million shares in the tender. Settlement date is December 11, 2019.
Success Holders Inc, formerly Pado Corp, is a Japan-based company mainly engaged in the editing, publication and distribution of community-based free home delivery information magazine PADO, the combination of folding fliers, the management of Websites, as well as the provision of application service provider (ASP) services. The services are sold directly from the business headquarters to clients and are sold through advertising agencies and franchisees as well. The free papers include PADO, a community-based free paper distributed at home, Luccica, a lifestyle magazine for girls in Sendai city, and LuccicaWeb, a Web magazine targeting women working in Miyagi prefecture.