Beenos (TYO:3328) will hold an extraordinary shareholders' meeting on July 28 to seek approval for a share consolidation, capital reduction, and related amendments to its Articles of Incorporation, paving the way for delisting from the Tokyo Stock Exchange, according to a Thursday filing on the Tokyo Stock Exchange.
The move follows LY Corp's (TYO:4689) successful tender offer, which brought its ownership in Beenos to 84.3%. As a result, Beenos shares are expected to be designated for supervision from July 28 to Aug. 27 and delisted on Aug. 28.
The consolidation is part of LY Corp's plan to make BEENOS a wholly owned subsidiary. Beenos said it will distribute cash to shareholders holding fractional shares post-consolidation.
The company reviewed competing takeover offers before backing LY Corp, following assessments by an independent special committee and advisors including Daiwa Securities and Nishimura & Asahi.
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