LIKE Co., Ltd. (TSE:2462) made a bid to acquire remaining 49.89% stake in LIKE Kids,Inc. (TSE:6065) for ¥5.3 billion on June 9, 2020. Under the terms of the transaction, LIKE Co., Ltd will acquire remaining 5.2 million shares of LIKE Kids for ¥1005 per share in cash. When the total number of shares that have been tendered for the tender offer does not reach the minimum planned number of shares to be purchased, all of the tendered share certificates, etc. will not be purchased. The minimum number of shares planned to be purchased are 1.2 million shares, representing 11.83% stake in LIKE Kids. LIKE Co. plans to borrow all the funds to be used for the settlement related to the transaction from Sumitomo Mitsui Banking Corporation. After closing, LIKE Kids will operate as wholly owned subsidiary of LIKE Co., Ltd.

LIKE Kids' Board of Directors meeting held on June 9, 2020 and expressed its supportive opinion regarding the tender offer and recommended that all shareholders to apply for the tender offer. The transaction is not intended to solicit the approval of LIKE Kids' shareholders at the extraordinary general meeting of shareholders. Tender offer will run from June 10, 2020 to July 21, 2020. Plutus Consulting Co., Ltd. acted as financial advisor and Nishimura & Asahi acted as legal advisor to Special Committee formed by LIKE Kids to advice in the transaction. SMBC Nikko Securities acted as financial advisor and tender offer agent while TMI Associates acted as legal advisor to LIKE Co., Ltd.