Nitori Holdings Co., Ltd., a major furniture and daily necessities company, announced that the takeover bid for TOB = shares made to Shimachu, which operates home improvement stores in the Tokyo metropolitan area, received more than 77% of the shares and the TOB was completed.
Nitori plans to make Shimachu a wholly owned subsidiary by proceeding with the procedure to purchase the remaining shares.
Nitori conducted a takeover bid for TOB = shares until the 28th with the aim of making Shimachu a wholly owned subsidiary, and announced the results on the 29th.
As a result, the number of shares submitted reached more than 77% of the total, exceeding the target of 50% and the TOB was established.
Nitori plans to make Shimachu a wholly owned subsidiary by proceeding with the purchase procedure for the remaining shares.
Regarding Shimachu, after DCM Holdings, a major home improvement company, started a takeover bid in October with the aim of making it a wholly owned subsidiary, Nitori also embarked on a takeover bid, which was an unusual development.
Shimachu once indicated his intention to agree to the DCM TOB, but after that, he signed a contract with Nitori for a business integration, and the previously terminated DCM TOB was not established.
Nitori intends to expand its sales network by putting Shimachu under its umbrella, absorb Shimachu's know-how, and expand into new business formats.