Sanyo Electric Railway Co.,Ltd. (TSE:9052) offered to acquired remaining 48% stake in Sanyo Department Store Co., Ltd. (JASDAQ:8257) from Shinki Bus Co.,Ltd. (TSE:9083), Kinko Utsumi, and others for ¥1.01 billion on August 28, 2020. The per share price for the offer is ¥2,630 each. Sanyo Electric Railway intends to buy maximum of 0.38 million shares of Sanyo Department Store and a minimum of 0.12 million shares. Tender offer period is from January 14, 2021 to March 1, 2021. Upon closing of transaction, Sanyo Department Store Co., Ltd. will get delisted. Board of Sanyo Department Store has resolved for the transaction. AGS Consulting Co., Ltd. acted as financial advisor while Oh-Ebashi LPC & Partners as legal advisor for Sanyo Department Store Co., Ltd. SMBC Nikko Securities acted as a financial advisor as a third-party evaluation institution and tender offer agent in the transaction.

Sanyo Electric Railway Co.,Ltd. (TSE:9052) completed the acquisition of 44.7% stake in Sanyo Department Store Co., Ltd. (JASDAQ:8257) from Shinki Bus Co.,Ltd. (TSE:9083), Kinko Utsumi and others for approximately ¥940 million on March 1, 2021.