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Futata Accepts Konaka’s Merger Proposal

8, 21. 2006

Men's suit chain Futata Co. said it will accept its largest shareholder Konaka Co.'s merger proposal on Aug. 18. Futata’s financial advisor Sumitomo Mitsui Banking Corp. also supported Konaka’s proposal.

Aoki Holdings, Inc., 2nd largest in the industry, had made a merger proposal to Futata, in which Futata would become a wholly owned subsidiary of Aoki through a takeover bid and change the business categories of underperforming stores. Konaka, on the other hand, proposed to strengthen its ties by stock swap and by specializing Futata’s business to the sales of men's suits.

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