MAXVALU CHUBU CO., LTD. Maxvalu Chubu Co., Ltd. (NSE:8171) signed an agreement to acquire MaxValu Chukyo Co., Ltd from Aeon Co., Ltd. (TSE:8267) for ¥5 billion in stock on September 25, 2012. Under the terms of the agreement, the purchase consideration shall be satisfied by issue of 778 shares of Maxvalu Chubu Co., Ltd. for every 1 share of MaxValu Chukyo Co., Ltd. Maxvalu Chubu Co., Ltd. is issuing 6.2 million shares to Aeon Co., Ltd. as part of the consideration. Post acquisition, MaxValu Chubu will be the surviving entity and MaxValu Chukyo will be dissolved.
For the financial year ending February 2012, MaxValu Chukyo Co., Ltd had net assets of ¥1.76 billion, total assets of ¥5.5 billion, revenue of ¥29.29 billion, operating profit of ¥1.3 billion, net profit of ¥259 million. The Board of Directors of Maxvalu Chubu and MaxValu Chukyo resolved the deal on September 25, 2012. The deal is subject to approval by shareholders of Maxvalu Chubu Co., Ltd. and MaxValu Chukyo Co., Ltd in November, 2012.
The deal is expected to close on March 1, 2013. As of November 30, 2012, the transaction was approved by the shareholders of MaxValu Chubu. A.G.S. Consulting Co., Ltd acted as accountant to Maxvalu Chubu Co., Ltd and Yamada & Partners Consulting Co., Ltd. acted as accountant for MaxValu Chukyo Co., Ltd.
