Art To Delist Via MBO

Art Corporation, a top-ranked specialist in the moving industry, announced that it has approved a tender offer from CT Total Transport Co., an investment vehicle set up by Art's founding family. The TOB price is set at 1800 yen, a 42% premium over its 3-month average. The deal size (excluding those held by the family) is about 8.7 billion yen. Art incurred a debt of 16.7 billion yen as of September 2010. Sumitomo Trust is ready to provide up to 28.6 billion yen in financing. Art will be delisted from the first section of the Tokyo Stock Exchange upon the successful conclusion of the deal.