Yaoko Co., Ltd. cancelled the acquisition to acquire ave Development Co., Ltd. from Tadaaki Kimura and five individuals.
October 09, 2017
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Yaoko Co., Ltd. (TSE:8279) entered into basic agreement to acquire ave Development Co., Ltd. from Tadaaki Kimura and five individuals on October 10, 2016. A share transfer contract was signed on December 12, 2016 to acquire ave Development for ¥11.5 billion. Yaoko will acquire 998 shares for ¥8.48 billion and 1,050 preferred shares for ¥3 billion. The seller Tadaaki Kimura will sell 29.86% and five individuals will sell 70.14% stake respectively. Post this transaction, ave Development Co., Ltd. will operate as a wholly owned subsidiary of Yaoko Co., Ltd. In a related deal, Yaoko Co., Ltd. agreed to acquire ave Corporation. For the year ended March 31, 2016, ave Development Co., Ltd. reported net assets of ¥1.38 billion, total assets of ¥3.3 billion, sales of ¥68 million, operating loss of ¥520 million and net income of ¥956 million. The board of directors of Yaoko Co., Ltd. resolved the deal. The deal is expected to close by April 3, 2017. Yaoko will incur advisory expenses of ¥40 million.
Yaoko Co., Ltd. (TSE:8279) cancelled the acquisition to acquire ave Development Co., Ltd. from Tadaaki Kimura and five individuals on October 10, 2017.
YAOKO CO.,LTD. is a Japan-based company mainly engaged in the retail of foods. The Companyâs Supermarket segment is engaged in the supermarket business centered on foods, the development, management and operation of shopping centers, store-related business, the import and wholesale of food and beverage, etc.