Cram School To Go Private Via MBO

WAO Co., a major cram school operator, announced that WAO has approved a tender offer from an investment vehicle set up by its founding CEO, Akio Nishizawa. The founding family holds a 53.55% share. The TOB price is 245 yen, a 102.5% premium over a 3-month average. Mizuho Bank, Bank of Tokyo Mitsubishi-UFJ, Risona Bank and Sumitomo Trust Bank are ready to provide up to 6.2 billion yen in financing.