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4-Traders Homepage  >  Equities  >  Tokyo  >  PanaHome Corporation    1924   JP3650600004

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PanaHome : Panasonic raises PanaHome buyout offer to appease shareholders

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04/21/2017 | 01:28pm CEST
A man is seen next to Panasonic Corp's logo at Panasonic Center in Tokyo

Japanese electronics conglomerate Panasonic Corp (>> Panasonic Corporation) has raised its offer to buy out subsidiary PanaHome Corp (>> PanaHome Corporation), in an effort to satisfy the housebuilder's shareholders, who were unhappy with the original bid.

Japanese electronics conglomerate Panasonic Corp (>> Panasonic Corporation) has raised its offer to buy out subsidiary PanaHome Corp (>> PanaHome Corporation), in an effort to satisfy the housebuilder's shareholders, who were unhappy with the original bid.

In a statement on Friday, Panasonic said it had decided to make an all-cash offer to buy the rest of PanaHome in a deal worth 92.4 billion yen (661 million pounds).

Panasonic, which already owns 54.18 percent of the subsidiary, said its offer was 1,200 yen per share, representing a 16.4 percent premium on Friday's closing price.

Panasonic had originally planned to buy out PanaHome through an all-stock deal, which valued the latter at 1,009 yen per share, based on Panasonic's closing price of Dec. 20, the day the offer was announced.

Some PanaHome shareholders claimed that offer undervalued the company and did not reflect its large cash holdings.

In making the new offer, Panasonic said it had showed the "utmost consideration" to other PanaHome shareholders by including a premium in its offer and believed that it would lead to the bid being endorsed.

(Reporting by Taiga Uranaka and Makiko Yamazaki; Editing by Gopakumar Warrier and Toby Davis)

Stocks treated in this article : PanaHome Corporation, Panasonic Corporation
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Financials ( JPY)
Sales 2018 388 000 M
EBIT 2018 -
Net income 2018 10 750 M
Debt 2018 -
Yield 2018 1,80%
P/E ratio 2018 19,14
P/E ratio 2019 16,73
Capi. / Sales 2018 0,53x
Capi. / Sales 2019 0,52x
Capitalization 206 899 M
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 800  JPY
Spread / Average Target -35%
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Managers
NameTitle
Yasuteru Fujii President & Representative Director
Tomiharu Yamada Managing Executive Officer & Head-Technology
Makoto Hatakeyama Representative Director & Executive Vice President
Mitsuhiko Nakata Director & Senior Managing Executive Officer
Atsushi Hongo Director, Head-Personnel, Legal & General Affairs
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