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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsui Fudosan Co., Ltd.    8801   JP3893200000

MITSUI FUDOSAN CO., LTD.

(8801)
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UPDATE1: Mitsui Fudosan to acquire Tokyo Dome via $1.16 billion tender offer

11/27/2020 | 06:18am EST

Property developer Mitsui Fudosan Co. said Friday it will acquire Tokyo Dome Corp. through a 120.52 billion yen ($1.16 billion) tender offer to help the operator of a major indoor ballpark in Japan fend off growing pressure from a Hong Kong-based fund.

The plan came as Tokyo Dome, which also runs an amusement park and a hotel next to the stadium, the home ground of professional baseball team Yomiuri Giants, has faced calls from activist investor Oasis Management Co. for a management change to improve its business and Mitsui Fudosan emerged as a white knight.

Offering 1,300 yen per Tokyo Dome share, or a 44.93 percent premium on the closing price Thursday in the friendly tender offer from Monday to Jan. 18, 2021, Mitsui Fudosan will try to redevelop the popular leisure spot in the capital.

Tokyo Dome shares ended Friday at 1,047 yen. The Japanese property developer said it will first make Tokyo Dome a wholly owned subsidiary and The Yomiuri Shimbun Holdings will then hold a 20 percent stake in the company.

The stadium of the baseball team, which belongs to the Yomiuri Shimbun group, has a maximum capacity of 55,000 and is also used for other sporting events and concerts.

Mitsui Fudosan, known for operating commercial complexes such as outlet malls, hopes to use its expertise and create synergies.

After failing to hold a dialogue, Oasis Management, which owned a 9.61 percent stake as of January, is seeking to remove Tokyo Dome President Tsutomu Nagaoka and two directors to improve the ballpark and hotel operator's business.

Tokyo Dome has rejected the proposal made in October and is planning to hold an extraordinary shareholder meeting on Dec. 17 to take up the issue.

Tokyo Dome has been hit by event cancellations and postponements amid the coronavirus pandemic, with the Japanese government limiting the number of spectators at big sporting and other events.

The company reported a net loss of 9.82 billion yen in the first half of this business year from February to July, which compares with a 4.69 billion yen profit a year earlier.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MITSUI FUDOSAN CO., LTD. -0.49% 2036 End-of-day quote.-5.68%
TOKYO DOME CORPORATION 0.08% 1296 End-of-day quote.-0.15%
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Financials
Sales 2021 1 922 B 18 520 M 18 520 M
Net income 2021 125 B 1 207 M 1 207 M
Net Debt 2021 3 484 B 33 561 M 33 561 M
P/E ratio 2021 15,7x
Yield 2021 2,13%
Capitalization 1 959 B 18 874 M 18 872 M
EV / Sales 2021 2,83x
EV / Sales 2022 2,75x
Nbr of Employees 20 864
Free-Float 93,2%
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Technical analysis trends MITSUI FUDOSAN CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 2 583,68 JPY
Last Close Price 2 036,00 JPY
Spread / Highest target 81,7%
Spread / Average Target 26,9%
Spread / Lowest Target -1,77%
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Managers and Directors
NameTitle
Masanobu Komoda President & Representative Director
Hiromichi Iwasa Chairman
Yoshikazu Kitahara Representative Director & Executive Vice President
Yasuo Onozawa Director & Executive Vice President
Takashi Yamamoto Director & Senior Managing Executive Officer