Kirayaka Bank Ltd. completed the acquisition of The Sendai Bank, Ltd. from a group of sellers.
September 26, 2012
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Kirayaka Bank Ltd. (TSE:8520) signed a basic agreement to acquire The Sendai Bank, Ltd. from a group of sellers in stock on October 26, 2010. The stock transfer ratio pertaining to the joint stock transfer will be determined and announced by the time the final agreement is concluded. The conclusion of final agreement on business integration is expected in April 2011 and the holding company is to be established in October 2011. As of April 11, 2011, Sendai Bank and Kirayaka Bank now aim to complete the business integration by the earliest possible date in the fiscal year ending on March 31, 2013. As of January 25, 2012, the planned date for entry into the final agreement on business integration was determined to be in April 2012 with the establishment of holding company in October 2012.
Kirayaka Bank Ltd. (TSE:8520) signed an agreement to acquire The Sendai Bank, Ltd. from a group of sellers in stock on April 26, 2012. The group of sellers include 77 Bank Ltd. (TSE:8341), Shimizu Corp. (TSE:1803), Tohoku Electric Power Co. Inc. (TSE:9506), Hitachi Ltd. (TSE:6501), Kamei Corporation (TSE:8037), Meiji Yasuda Life Insurance Co., The Resolution And Collection Corporation and Mizuho Corporate Bank, Ltd. Under the terms of the agreement, Kirayaka Bank Ltd. (TSE:8520) will issue 6.5 common shares for every 1 common share and 6.5 Class III preferred shares for 1 preferred share of The Sendai Bank, Ltd. Post acquisition, Kirayaka Bank Ltd. will be delisted on September 26, 2012 and a new holding entity Jimoto Holdings, Inc. will be listed on October 1, 2012. The deal is subject to approval by Tokyo Stock Exchange, shareholders of Kirayaka Bank Ltd. and The Sendai Bank, Ltd. As of August 30, 2012, the deal is approved by Tokyo Stock Exchange the listing of the shares of the new holding company.
Deloitte Touche Tohmatsu LLC and KPMG FAS Co., Ltd acted as valuer in the transaction. Kenneth Lebrun, Kokoro Motegi, Mizuho Sadamasu, and Ariel Weber of Shearman & Sterling acted as legal advisor for Kirayaka Bank Ltd. and The Sendai Bank, Ltd.
Kirayaka Bank Ltd. (TSE:8520) completed the acquisition of The Sendai Bank, Ltd. from a group of sellers on September 26, 2012.
KAMEI CORPORATION is engaged in the energy business. Energy segment distributes gasoline, kerosene, light oil, heavy oil and liquefied petroleum gas. Food segment distributes beer and wine products, and operates supermarkets. Housing segment distributes housing appliances and equipment, and operates renovation business. Automobile segment distributes domestic and imported cars, and operates car leasing. Overseas and Trading business segment exports tires, bearings and tanker planes, and imports and sells seafood, apparel products, beer and wine. Pet segment sells pet food, pet supplies and gardening supplies. Pharmacy segment operates dispensaries, and distributes drugs. The Others segment provides information equipment and office supplies, property leasing, insurance agency service.
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