Advantage To Sell 9.5% of Nissen To Seven & i

Seven & i Holdings Co.,  the parent of Seven Eleven and Ito Yokado supermarket chain has announced that, through its subsidiary Seven & i Net Media,  it will acquire up to 50.74% of Nissen Holdings, a catalogue and online retailer, through a TOB. Seven & i aims to bolster its catalogue/online merchandising operation by having Nissen as its subsidiary.

The TOB price is set at JPY 410,  which represents a 27.7% premium over the past 6 month average share price. 

According to Seven & i filing documents, Advantage has agreed to sell its remaining 9.5% holdings, which will bring JPY 2.36 billion to the fund. Advantage had purchased 14.4% of Nissen in 2007 at JPY 780 a share through a private placement.

The largest shareholder, UCC  (Ueshima Coffee)  Holdings will also sell its 20.9% holdings in Nissen.