Keisei Electric Railway Co., Ltd. (TSE:9009) made a tender offer to acquire 69.92% stake in Kanto Railway Co., Ltd. from a group of seller for ¥3.5 billion on July 31, 2019. Under the terms, Keisei Electric Railway planned to acquire 7.1 million shares of Kanto Railway at ¥500 per share. There is no upper limit or lower limit on the number of planned to be purchased, in order to widely offer sales opportunities to all Kanto Railway shareholders who wish to apply. The transaction was resolved by the Board of Directors of Keisei Electric Railway on July 31, 2019. On July 31, 2019, Board of Directors of Kanto Railway Co., Ltd. resolved the transaction and expressed an opinion in favor of the transaction. Board of Directors of Kanto Railway Co., Ltd. will take a neutral position and hold an opinion on the judgment on the adequacy of the price of the tender offer per share of Kanto Railway Co., Ltd.in the tender offer and leave it to the shareholders to decide whether to apply for the tender offer. The tender offer will start on August 1, 2019 and is expected to close on October 1, 2019. The transaction is expected to close on October 1, 2019.

Mizuho Securities Co., Ltd. acted as the financial advisor to Keisei Electric Railway. Oh-Ebashi LPC & Partners acted as the legal advisor to Kanto Railway. Development Bank of Japan Inc. acted as an independent third party appraiser to Kanto Railway.

Keisei Electric Railway Co., Ltd. (TSE:9009) completed the acquisition of 26.25% stake in in Kanto Railway Co., Ltd. from a group of seller on October 1, 2019.