King Jim Co., Ltd. (TSE:7962) agreed to acquire Bon Furniture Co.,Ltd. from Katsutoshi Hijiri, Yoshiko Hijiri and Shinobu Furukawa for ¥2.5 billion on December 25, 2013. Katsutoshi Hijiri holds 84% stake, Yoshiko Hijiri holds 11% stake and Shinobu Furukawa holds 5% stake in Bon Furniture Co.,Ltd. Out of the 200 outstanding shares of Bon Furniture, King Jim Co., Ltd will purchase 128 shares from Katsutoshi Hijiri and 32 shares from Yoshiko Hijiri and Shinobu Furukawa by share acquisition by paying ¥2 billion in cash and acquire the remaining 40 shares from Katsutoshi Hijiri by share exchange by issuing 0.72 million shares with an exchange ratio of 18115.94 per share. After the transaction, Bon Furniture will operate as a subsidiary of King Jim.

For the year ending July 2013, Bon Furniture Co.,Ltd. reported total assets of ¥2.07 billion, net assets of ¥1.48 billion, sales of ¥3.47 billion, operating profit of ¥346 million and net profit of ¥214 million. The extraordinary shareholders meeting of Bon Furniture for the approval will be held on January 9, 2014. The share exchange will become effective on January 30, 2014.

ASAHI business solution Co., Ltd. acted as valuer for King Jim Co., Ltd.