U.S. retail giant Wal-Mart Stores Inc. said Monday it will launch a ¥100 billion takeover bid to make its struggling Japan unit Seiyu Ltd. a wholly owned subsidiary and speed up its turnaround drive.
The tender offer will run Tuesday through Dec. 4 with an offer price of ¥140 per share, representing a premium of 34.6 percent over the average closing price for the last three months.
If Seiyu becomes fully owned by Wal-Mart, it will be delisted by the Tokyo Stock Exchange.
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