Sado Steam Ship Co., Ltd. (JASDAQ:9176) agreed to acquire the remaining 96.38% stake in Nihonkai Naikou Kisen Co., Ltd. from Niigata-Ken Bussan KK and others for ¥75.3 million in stock on November 12, 2012. Sado Steam Ship Co., Ltd. will issue 4 shares for every share of Nihonkai Naikou Kisen Co., Ltd. not already owned. Sado Steam Ship Co., Ltd. already holds 2872 shares of Nihonkai Naikou Kisen Co., Ltd. and issuing 0.31 million shares for rest of the outstanding shares. On completion, Nihonkai Naikou Kisen Co., Ltd. will be dissolved. Nihonkai Naikou Kisen reported total assets of ¥774.7 million, net assets of ¥344 million, operating loss of ¥29 million, net loss of ¥25 million and sales of ¥694 million for the year ending December 2011. The Board of Sado Steam took the resolution on November 12, 2012. The transaction is expected to close on April 1, 2013.

As of February 1, 2013, the merger contract has been concluded. The transaction is subject to approval by the shareholding commission of Nihonkai Naikou Kisen Co., Ltd. on February 20, 2013. As on March 26, 2013, the merger date has been changed from April 1, 2013 to April 2, 2013. Toki Financial Advisory LLP acted as third party appraiser to Sado Steam Ship Co., Ltd.

Sado Steam Ship Co., Ltd. (JASDAQ:9176) cancelled the acquisition of the remaining 96.38% stake in Nihonkai Naikou Kisen Co., Ltd. from Niigata-Ken Bussan KK and others on November 12, 2013.