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.

LINE Corporation completed the acquisition of 44.6% stake in Z Holdings Corporation (TSE:4689) from Shiodome Z Holdings Co., Ltd. and others on February 18, 2021. LINE Corporation received tenders for 2,125,405,395 shares which exceeded the maximum number of shares to be purchased (2,125,366,950 shares). As a result, LINE Corporation purchased only 2,125,328,600 shares from Shiodome Z Holdings Co., Ltd. Shiodome Z Holdings Co., Ltd. will sell the rest of its shares to Softbank. As part of the transaction, LINE Corporation subsidiaries LINE Plus Corporation, LINE Financial Corporation and LINE Financial Asia Corporation Limited