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News Breaks | | | | March 15, 2013 | | 06:23 EDT |  | DCM | NTT DoCoMo reports results of tender offer for MAGASeek shares
NTT DOCOMO has secured 15,105 shares, or 71.28% of total issued shares, of MAGASeek Corporation, operator of the MAGASEEK fashion-goods shopping website, for the sum of Y2.04B, or about $22M, through a public tender offer. The acquisition is the most recent in a series of moves by DOCOMO to broaden its e-commerce business, this time by expanding into the fashion field. DOCOMO offered to acquire all shares tendered during the offer period from January 31 to March 14 on the condition that it could acquire a minimum 8,829 shares. Having met this condition, DOCOMO will now acquire all shares tendered. MAGASeek will become a consolidated subsidiary of DOCOMO once the tender offer is settled on March 21. ITOCHU, the parent of MAGASeek, will continue to hold 5,298 shares, or 25%, of MAGASeek’s total shares. DOCOMO plans to acquire all remaining shares. | |
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