BALS To Go Private Via MBO

BALS Co., a retailer for furniture and interior household accessory items, announced that BALS has approved a tender offer from an investment vehicle set up by the CEO of BALS. The TOB price is set at 100,000 yen, a 44.2% premium over a 3 month average. Sumitomo Mistui Bank and Mizuho Bank is ready to provide up to 12.5 billion yen in financing. Mitsubishi Corp., a major trading house, will invest in the vehicle indirectly and help BALS cultivate overseas markets.