Itochu's Tender Offer Provides an Attractive Profit-Taking Opportunity
Itochu Corporation, FamilyMart Uny’s largest shareholder, has announced a tender offer to buy a nearly 10% stake in FamilyMart Uny. The successful completion, expected to take place in August 2018, will allow Itochu to raise its holdings to 50.1%, up from the current 41.45%, and make FamilyMart Uny a consolidated subsidiary. The tender offer of JPY 11,000 per share implies a 58% premium to our fair value estimate of JPY 6,950. Itochu has been raising its stake in FamilyMart Uny over the past few...FamilyMart UNY Holdings is a holding company mainly engaged in the operation of convenience chain stores and general merchandise stores. Convenience Store segment is involved in the operation of convenience chain stores under the name of "FamilyMart" throughout Japan as well as in Taiwan, Thailand, China, Viet Nam, Indonesia, the Philippines and Malaysia through direct management and franchise systems. General Merchandise Store segment is engaged in the operation of general merchandise stores under the names of "APITA" and "PIAGO" in Tokai, Kanto, Hokuriku, Koshinetsu, Kansai and Tohoku regions as well as in Hong Kong. As of Feb 28 2017, Co. maintains total 24,710 stores.
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