April 21, 2009

Matsushima Industry To Launch A Tender Offer For Shinagawa Tatemono

Shinagawa Soko Tatemono, a real estate and warehousing company, announced that it will accept a tender offer from Matsushima Industry, a Miyagi-based stone material company. The tender offer price is 185 yen which is 10% higher than the average closing price of the previous month.

Shinagawa Soko Tatemono has been looking for a partner as well as a sponsor due to multiple concerns - including aging management, necessity for renewals of leasing buildings, and the increasing cost of staying on the stock exchange.

The company will be de-listed from the JASDAQ upon completion of the deal.

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