Sundrug Co., Ltd. cancelled the acquisition of Sundrug Plus Co., Ltd. from Mitsuo Yoshinari, Yoshihiro Terai and Shinichi Arai.
July 25, 2015 at 12:00 am EDT
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Sundrug Co., Ltd. (TSE:9989) signed a basic agreement to acquire Sundrug Plus Co., Ltd. from Mitsuo Yoshinari, Yoshihiro Terai and Shinichi Arai on July 25, 2014. Mitsuo Yoshinari will sell 60% stake, Yoshihiro Terai will sell 20% stake and Shinichi Arai will sell 20% stake. Under the terms of the deal, 200 shares will be acquired. After the transaction, Sundrug Plus Co., Ltd will operate as a subsidiary of Sundrug Co., Ltd. For the financial year ended February 2014, Sundrug Plus had total assets of ¥4.28 billion, net assets of ¥38 million, sales of ¥18.11 billion, operating profit of ¥88 million and net profit of ¥58 million. The Board of Directors of Sundrug Co. passed a resolution for the transaction on July 25, 2014. The scheduled date of signing of the share transfer agreement and transfer is September 1, 2014.
Sundrug Co., Ltd. (TSE:9989) cancelled the acquisition of Sundrug Plus Co., Ltd. from Mitsuo Yoshinari, Yoshihiro Terai and Shinichi Arai on July 25, 2015.
SUNDRUG CO., LTD. is a Japan-based company operating in two business segments. The Drug Store segment is primarily engaged in the sale of pharmaceutical products, cosmetic products and sundry goods, among others. The Discount Store segment is primarily engaged in the sale of foodstuffs, household sundry goods, among others.