SG Investment Co., an investment firm of Goldman Sachs Group makes a tender offer bid for USJ Co, the operator of the Universal Studios Japan theme park in Osaka. Goldman Sachs holds 41% of USJ shares through its subsidiary Craine Holdings Ltd.
They aim to acquire all shares at 50,000 yen (today's shares closed at 40,700 yen) with MBK Group, the ex-Carlyle PE firm Owl Creek Investment, and Glen Gumpel, President and CEO of USJ Co., Ltd.. It will cost around 111 billion yen, max. They plan to receive financing from the Bank of Tokyo - Mitsubishi UFJ, Mizuho Corporate Bank, Nomura Capital Investment, The Sumitomo Trust & Banking, GE Financial Service, Calyon Bank and the Chuo Mitsui Trust & Banking for a maximum of 75 billion yen.
SG Investment will delist USJ and take it public again after strengthening its business.
It has been a long time since we've seen a MBO of more than 100 billion yen. The last large MBO was when Advantage Partners bought Tokyo Star Bank at the end of December 07.
March 19, 2009
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