G.taste Co.,Ltd. entered into an agreement to acquire G.networks Co.,Ltd. from G. Communication Co., Ltd., Japan Trustee Services Bank, Ltd., Tsuyoshi Higuchi, Nippon Life Insurance Company and others for ¥3.2 billion.
May 15, 2013 at 12:00 am EDT
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G.taste Co.,Ltd. (JASDAQ:2694) entered into an agreement to acquire G.networks Co.,Ltd. from G. Communication Co., Ltd., Tsuyoshi Higuchi, Nippon Life Insurance Company and others for ¥3.2 billion in stock on May 15, 2013. As part of consideration, 2 shares of common stock of G.taste will be issued for each share of G.networks. Pursuant to the transaction, G.networks will be dissolved.
The Board of Directors of G.taste has resolved to undertake the transaction on May 15, 2013. The transaction is subject to approval by the shareholders of G.taste at a meeting to be held on June 26, 2013 and by the shareholders of G.networks at a meeting to be held on June 24, 2013. The creditors can object from June 28, 2013 to July 31, 2013 and the transaction is expected to close on August 1, 2013.
Katsumi Kitamura of Atsushi Shiraishi Law Firm acted as legal advisor to G.taste Co.,Ltd and Nishimura & Asahi acted as legal advisor to G.networks Co.,Ltd. Frontier Management Inc. acted as financial advisor to G.networks Co.,Ltd and Albaace Securities Co., Ltd. acted as financial advisor to G.taste Co.,Ltd.
Yakiniku Sakai Holdings Inc, formerly G.taste Co Ltd, is a Japan-based company mainly engaged in the operation of restaurants. The Company is engaged in the operation of chain stores named Heiroku Sush, Toriaezu Gohei, Murasaki, Yakinikuya Sakai, Nikusho Sakai, Omuraisutei, Nagasaki chan men and others, as well as the sale of products to franchisees operating under the same names. The Company is also engaged in the operation of restaurants named TONKOU, a Chinese restaurant; Shabu-Shabu Shimizu, a shabu-shabu restaurant; TEN.FOUR, a pizza manufacturing, home delivery and over-the-counter sales store; Kabenoana, an Italian restaurant; Shichifuku, a sushi and seafood izakaya restaurant; World Gourmet Junction, a food court; Dominique Buschet Tokyo and Le Copan de Dominique Busche, which are French restaurants.
G.taste Co.,Ltd. entered into an agreement to acquire G.networks Co.,Ltd. from G. Communication Co., Ltd., Japan Trustee Services Bank, Ltd., Tsuyoshi Higuchi, Nippon Life Insurance Company and others for ¥3.2 billion.
YAKINIKU SAKAI HOLDINGS INC. 
