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.