LINE Corporation agreed to acquire 44.6% stake in Z Holdings Corporation (TSE:4689) from Shiodome Z Holdings Co., Ltd. and others for approximately ¥ 740 billion on January 20, 2021. Under the terms LINE Corporation will acquire 2.12 billion shares at ¥ 348 per share. LINE Corporation has decided to start the Tender Offer on January 20, 2021, after confirming that all of the Preconditions have been met.

An independent committee has been formed in respect of the transaction. The board of Z Holdings Corporation has approved the tender offer. The transaction was resolved by the board on January 20, 2021.

The offer period will close on February 18, 2021. Takao Nakata acted as accountant for the special committee of the target. Latham & Watkins LLP, Takai & Partners and Mori Hamada & Matsumoto LPC acted as legal advisor and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Z Holdings in the transaction.