Itochu Corp says it will launch a tender offer to take Dentsu Soken Inc private, a move that would restructure its parent-subsidiary relationship within the Dentsu Group. The proposed transaction would end the current listing structure involving Dentsu Group Inc and Dentsu Soken, according to reporting on the plan.
The deal is valued at about $1.3 billion. Itochu plans to acquire nearly 75 million shares of Dentsu Soken at ¥2,880 each, for a total value of about ¥215.2 billion. Bloomberg and the Japan Times both describe the tender offer framework and the purpose of simplifying the group’s corporate structure, with both focusing on deal size and the share price terms.
