Property developer Mitsui Fudosan Co. said Tuesday its friendly tender offer for Tokyo Dome Corp. was successful, clinching the 102.23 billion yen ($980 million) purchase of the operator of a major indoor ballpark.

Mitsui Fudosan will acquire an 84.8 percent stake in Tokyo Dome, seeking to redevelop the popular leisure spot where the stadium operator also has an amusement park and hotel. With a maximum capacity of 55,000, the stadium is the home ballpark of professional Japanese baseball team Yomiuri Giants.

After Mitsui Fudosan makes Tokyo Dome a wholly owned subsidiary, The Yomiuri Shimbun Holdings, the publisher of one of the country's leading newspapers, is scheduled to get a 20 percent stake in the operator.

In the tender offer from Nov. 30 through Monday, Mitsui Fudosan offered 1,300 yen per Tokyo Dome share. The developer said it will purchase some 78 million shares for 102.23 billion yen and turn the operator into one of its consolidated subsidiaries on Jan. 25.

With its expertise in running commercial complexes, Mitsui Fudosan also wants to help Tokyo Dome recover from the fallout of the coronavirus pandemic that has caused event cancellations and a drop in spectators.

Tokyo Dome is projecting a net loss of 18 billion yen for the business year through Jan. 31.

Toyo Dome had faced calls from activist investor Oasis Management Co. to improve its business and remove President Tsutomu Nagaoka and two directors. Other investors, however, rejected the Hong Kong-based fund's proposal for a management shake-up.

After Mitsui Fudosan came forward with its offer, Oasis Management decided to tender its shares in Tokyo Dome, paving the way for the successful bid.

==Kyodo

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