Society | Oct 30

Nitori to launch rival takeover bid for Shimachu in November

Oct 30 (Japan Times) - Japanese home furnishings retailer Nitori Holdings Co. said Thursday it will launch a rival takeover bid in mid-November to make do-it-yourself and hardware store operator Shimachu Co. a wholly owned subsidiary, triggering a fierce acquisition battle with a major DIY store operator.

Nitori set its bid price at Â¥5,500 ($53) per share, surpassing the Â¥4,200 per share that its rival DCM Holdings Co., a Tokyo-based operator of DIY store chains, is paying in a tender offer through Nov. 16 worth up to Â¥163.6 billion.

Nitori plans to spend a total of Â¥214.3 billion on the takeover bid. On the Tokyo Stock Exchange, Shimachu shares closed Thursday’s session up 3.5 percent at Â¥5,060.

Given Nitori’s higher bid price and Shimachu’s recent share price rises, DCM could be forced to raise its offer before its tender offer period ends on Nov. 16.

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