eBOOK Initiative Japan CO.,LTD. (TSE:3658) signed a basic agreement to acquire Boox Inc. from Kohei Terada (81.5%) and Tomohiro Onuki (18.5%) for approximately ¥390 million in cash and stock on March 12, 2015. eBOOK Initiative Japan CO.,LTD. entered into agreement to acquire Boox Inc. from Kohei Terada and Tomohiro Onuki in cash and stock on April 2, 2015. eBOOK Initiative Japan CO.,LTD. will acquire 226 shares for ¥180.8 million and the remaining 250 shares will be acquired by share exchange where eBOOK will issue 800 shares for each share and Boox will be made into a wholly owned subsidiary.
Boox reported net assets of ¥167.24 million, total assets of ¥362.62 million, sales of ¥2.3 billion, operating loss of ¥22.98 million and net loss of ¥21.68 million for the year ending August 2014. The basic agreement was approved by the Board of eBook on March 12, 2015. Approval of the share transfer by the Board of Directors of eBOOK is scheduled in early April 2015, conclusion of the share transfer contract is scheduled in early April 2015 and the completion of the share acquisition is scheduled in early May 2015. The agreement signed as of April 2, 2015, was approved by the Board of eBook on April 2, 2015. As of April 2, 2015, the effective date of share exchange is May 8, 2015. Deep Impact Co., Ltd. acted as third party appraiser.