Japan's Shimachu accepts Nitori's $2b buyout bid over DCM's

REUTERS/Yuriko Nakao

Japanese home improvement retailer Shimachu Co will accept a $2 billion buyout bid by furniture chain Nitori Holdings Co, the Nikkei reported on Friday, rejecting an earlier agreed offer from DCM Holdings Co.

Nitori had said it would pay 5,500 yen per share to buy all of Shimachu in a bid that values the target company at 214 billion yen ($2.04 billion). DCM was conducting its own offer at 4,200 yen per share, which is due to expire on Monday.

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