By Kosaku Narioka
Raksul shares were indicated sharply higher after Goldman Sachs Group's plan to help the company go private in a $670 million deal.
Shares were indicated 24% higher at 1,526 yen, the upper-end of the day's trading range on Friday in Tokyo. No shares changed hands as buy orders overwhelmed sell orders.
Raksul, which offers printing and television-advertisement services, said Thursday after market close that Chief Executive Yo Nagami and Chairman Yasukane Matsumoto wanted to expand the businesses aggressively through acquisitions in these fields as well as in software and finance businesses.
A Goldman Sachs entity plans to acquire about 61.1 million shares of Raksul at Y1,710 apiece for a total of about Y104 billion, equivalent to $668.4 million.
Nagami and Matsumoto agreed to sell their shares in the offering, Raksul said. They also agreed to reinvest in an entity controlling the tender offeror through their asset management firms after Raksul is taken private, it said.
Nagami will hold a voting stake of 26% in the entity controlling Raksul, and Matsumoto will have 24% voting rights, while Goldman Sachs will have a voting stake of 50% and hold 91% of shares of the entity.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
12-11-25 2320ET
