Ripplewood Holdings LLC and Lehman Brothers Holdings Inc. have made a joint bid for Daiei Inc.'s properties in Fukuoka, sources close to the bargaining said Wednesday.
The struggling retailer had been holding separate talks with the two U.S. firms and with another U.S. investment firm, Colony Capital LLC, over Daiei's plan to sell the Fukuoka Dome baseball stadium and the adjacent Sea Hawk Hotel and Resort by Feb. 29, the end of Daiei's business year.
Colony Capital presented its bid to Daiei on Wednesday, the sources said, and Ripplewood and Lehman Brothers have already made their joint bid.
Ripplewood apparently wants to buy Daiei's assets in Fukuoka because of an envisioned "synergy effect" with the Seagaia resort complex in Miyazaki Prefecture, which Ripplewood acquired in 2001.
Lehman Brothers has substantial investments in commercial facilities in the United States and Europe.
According to the sources, Daiei is scheduled to select a buyer for the ballpark and the hotel by the end of this month, but the decision may be delayed depending on the progress of Daiei's negotiations with the Industrial Revitalization Corp. of Japan.
Daiei has sought assistance from the governmental corporation for the rehabilitation of its Fukuoka business, which includes the management of the Fukuoka Daiei Hawks baseball team.
Daiei reportedly requested that the IRCJ purchase loans held by nonprimary lenders against Daiei's Fukuoka business.
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