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Hankyu Finally Begins TOB for Hanshin, after Frictions with Murakami

5, 29. 2006

Hankyu Holdings Inc. and Hanshin Electric Railway Co. announced on May 29 they set the Hanshin’s per-share price of 930 yen, in Hankyu’s takeover bid for Hanshin. The tender offer period will last 21 days from May 30.

Hankyu is planning to consolidate Hanshin after acquiring the 47%-stake in the company, which is now owned by M&A Consulting, known as Murakami Fund in Japan. Hankyu hopes to buy more than 45% of the share. If the deal for the 45%-stake is successful, Hankyu will pay 176.4 billion yen in total.

Hanshin’s President Kyoji Nishikawa said on the same day he will resign in general meeting of shareholders on Jun. 29, before completing his term of office.

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