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SoftBank, Naver opt for 'squeeze-out' route to take Line Corp private

SoftBank, Naver opt for 'squeeze-out' route to take Line Corp private

Photographer: Kiyoshi Ota/Bloomberg

Pavel Alpeyev, Takahiko Hyuga

17 September, 2020

SoftBank Corp. and Naver Corp. said they would seek to compel Line Corp.’s remaining public shareholders to sell out so that the two companies can take the messaging service private.SoftBank and Naver made a tender offer to buy Line shares, but some investors had resisted the proposal because the 5,380 yen price was thought to be too low. The acquirers now plan to proceed with what’s known as a squeeze-out, a legal maneuver to force the last investors to part with their securities.

Line Corp.NAVERSoftbank

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