FamilyMart says it has received tender offer proposal from Itochu

FILE PHOTO: The signboard of a joint FamilyMart/Don Quijote convenience store is pictured in Tachikawa, Tokyo, Japan June 1, 2018. REUTERS/Sam Nussey/File Photo

Japanese convenience store chain FamilyMart Co said on Wednesday it had received a proposal from Itochu Corp that the trading house would buy its shares through a tender offer, in a deal one newspaper said could be worth up to $5.6 billion.

The Nikkei business daily reported earlier that Itochu, which owns just over 50% of FamilyMart, planned to buy the rest of the company to make it a wholly owned unit. The tender offer would reach around 500 to 600 billion yen, the Nikkei said.

The deal will allow Itochu to strengthen FamilyMart’s product procurement including from overseas while leveraging its retail data, the newspaper said.

Familymart said in a statement that Itochu’s offer proposal was under discussion at a board meeting on Wednesday and it would make a prompt disclosure when ready.

An Itochu representative was not able to comment immediately.

FamilyMart is one of Japan’s top convenience stores. Although retailers in the world’s third-largest economy have been hit hard by the coronavirus crisis, convenience stores have avoided some of the worst of the damage – given their locations in residential areas and customers’ need for daily items.

Itochu owns 50.36% of FamilyMart as of end-February, according to a recent filing by the convenience store chain.

Reuters

 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.