Maxvalu Chubu Co., Ltd. completed the acquisition of MaxValu Chukyo Co., Ltd from Aeon Co., Ltd..
March 28, 2013 at 11:00 pm EST
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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.
Maxvalu Chubu Co., Ltd. (NSE:8171) completed the acquisition of MaxValu Chukyo Co., Ltd from Aeon Co., Ltd. (TSE:8267) on March 1, 2013.
MAXVALU CHUBU CO.,LTD. is a Japan-based company mainly engaged in the merchandise retailing business and related business. The Company mainly as a core company in the Chubu area of the Group's supermarket business, it operates supermarkets in Aichi, Gifu, Mie and Shiga prefectures. The Company is involved in the food supermarket business in Jiangsu Province, China. The Company manufactures sushi, cooked rice and prepared foods. The Company is also involved in the supply of products developed by Aeon Group (Topvalu), the transactions related to store maintenance and entering tenants into stores.