Takeei Corporation (TSE:2151) agreed to acquire Rever Holdings Corporation (TSE:5690) from a group of shareholders for ¥17.7 billion in a merger of equals transaction on March 18, 2021. Under the terms, the companies will merge in a transaction that will see both joining under a new combined holding company. Takeei shareholders will receive 1.24 shares of the new company in exchange of their 1 share in Takeei and Rever shareholders will receive 1 share of new company in exchange of their 1 share in Rever.

The joint newly established company will be named as Tre Holdings Corporation. The transaction is subject to two-third approval of shareholders of Takeei Corporation and Rever Holdings Corporation. As per update on June 14, 2021, meeting of shareholders of Takeei Corporation and Rever Holdings Corporation is scheduled to take place on June 23, 2021 and June 30, 201 respectively.

Board of Directors of both companies has approved the transaction on May 14, 2021. Delisting from Tokyo Stock Exchange is planned on September 29, 2021. The transaction is expected to close on October 1, 2021.