Sumitomo Realty & Development Co., Ltd. (TSE:8830) made a tender offer to acquire remaining 29.62% stake in Sumitomo Real Estate Sales Co., Ltd. (TSE:8870) from a group of sellers for ¥60.9 billion on March 17, 2017. Sumitomo Realty & Development Co., Ltd. will acquire 16.93 million shares at the price of ¥3,600 per share. The tender offer period is from March 21, 2017 to May 1, 2017. Sumitomo Real Estate Sales Co., Ltd recommend shareholders to tender their shares and unanimously approved the transaction. Sumitomo Real Estate Sales Co., Ltd established an independent committee. Daiwa Securities Co., Ltd. acted as financial advisor, independent third party appraiser and tender offer agent to Sumitomo Realty & Development Co., Ltd. SMBC Nikko Securities acted as independent third party appraiser to Sumitomo Real Estate Sales Co., Ltd. Nakamura, Tsunoda & Matsumoto acted as legal advisor to Sumitomo Real Estate Sales Co., Ltd. SMBC Nikko Securities acted as financial advisor to Sumitomo Real Estate Sales Co., Ltd.