UPGARAGE To Go Private via MBO

UPGARAGE Co., a used car/bike parts shop chain operator, announced that UPGARAGE has approved a tender offer from an investment vehicle set up by Makoto Ishida, the CEO of UPGARAGE. The TOB price is 50,000 yen, a 34% premium over its 3 month average. Mitsui Sumitomo Bank is ready to provide up to 1.3 billion yen in financing. The FC operator will be delisted upon the successful outcome of the deal.