Yahoo Japan plans tender offer for retailer Zozo at $3.7B

Khabarhub

September 12, 2019

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Yahoo Japan plans tender offer for retailer Zozo at $3.7B

Photo: AP

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TOKYO: Yahoo Japan Corp. is putting up a tender offer, estimated at 400 billion yen ($3.7 billion), for Zozo Inc.

Yahoo Japan announced the plan Thursday, which includes a business alliance with Zozo.

Zozo Chief Executive Yusaku Maezawa is known for lavish spending on artworks by Jean-Michel Basquiat, a Stradivarius violin and a future trip to the moon.

Maezawa, who owns nearly 37% of the company, will step down and sell nearly 93 million shares of his more than 112 million shares, according to the plan.

Yahoo Japan will own up to 50.1% under the tender offer, set for early October, it said.

(Agencies)

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