⁍ Nitori Holdings Co said on Wednesday it may bid for Shimachu Co.
⁍ Nitori’s shares dropped 0.9% while the wider market edged 0.4% higher.
⁍ Nitori’s shares dropped 0.9% while the wider market edged 0.4% higher.
– Japanese furniture retailer Nitori Holdings says it may make a bid for rival Shimachu after DCM Holdings launched a $1.3 billion tender offer for the home improvement retailer. Nitori’s shares jumped more than 13% to 4,760 yen in early trade, well above DCM’s offer price of 4,200 yen and valuing Shimachu at 185.4 billion yen, Reuters reports. Shimachu said it had not received a proposal from Nitori. DCM’s shares plunged 8.2%. A bid by Nitori, which sells a range of products from furniture to kitchen tools at affordable prices, highlights efforts by retailers to grow as the coronavirus pandemic slows consumption. “We are considering possibilities for growth through mergers and acquisitions, including Shimachu,” Nitori said in a statement.
Source: https://www.reuters.com/article/shimachu-ma-nitori-holdings/update-2-japans-nitori-considers-bid-for-shimachu-in-challenge-to-dcm-offer-idUSL4N2HB52D