The Bank of Yokohama, Ltd. completed the acquisition of 80.318708% stake in The Kanagawa BANK,LTD. from group of sellers for ¥7.3 billion
April 12, 2023
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The Bank of Yokohama, Ltd. made an offer to acquire 94.05264% stake in The Kanagawa BANK,LTD. from group of sellers for ¥8.5 billion on February 3, 2023. As per the terms of the transaction, The Bank of Yokohama offered ¥1,716 for each common stock of Kanagawa bank, and 10,008 yen for each preferable stock. The offeror has set the minimum number of shares to be purchased to 2,810,600. The tender offer will commence from February 6, 2023, and will close on April 4, 2023. If threshold of 90% is achieved the offeror will go for the squeeze out procedures. KPMG FAS Co., Ltd. acted as a financial advisor, Yasutaka Nishikori, Tatsuya Tanigawa, Tatsuya Nakayama, Susumu Tanizawa and Kazumaro Kobayashi of Nishimura & Asahi acted as a legal advisor to The kanagawa bank. Deloitte Tohmatsu Financial Advisory LLC, SMBC Nikko Securities Inc. acted as financial advisors, Mori Hamada & Matsumoto LPC acted as a legal advisor to The Bank of Yokohama, Ltd.. SMBC Nikko Securities Inc. also provided the fairness opinion to Yokohama.
The Bank of Yokohama, Ltd. completed the acquisition of 80.318708% stake in The Kanagawa BANK,LTD. from group of sellers for ¥7.3 billion on April 13, 2023.
Maruzen Showa Unyu Co.,Ltd. is a Japan-based company mainly engaged in the lorry transportation business, port transportation business and on-site work. The Company operates through two business segments. The Logistics segment is involved in the lorry transportation business, freight transportation business (lorry, railroad, ocean shipping, coastal shipping, and air transportation), port transportation business (general port transportation, port cargo handling (onboard and coastal barge transportation), warehouse Business, customs clearance, packing, marine transportation and air transportation agency. The On-Site Work and Machinery Cargo Handling segment is engaged in the transportation, assembly, replenishing, storage and cargo handling of raw materials, products, heavy cargos and precision machinery in factories, as well as the leasing of machinery. The Company also provides services such as construction, security, real estate, insurance agency and car maintenance.