KDDI (Buy, TP: ¥6,600, +40%) KDDI planning a tender offer to take Lawson private
KDDI plans to launch a ¥500bn (USD 3.37bn) tender offer for Lawson, Japan's third largest convenience franchise. If successful, the move will see KDDI own 50% of Lawson, up from 2.1% today, with the other remaining half owned by Mitsubishi Corporation. On our estimates, the deal is expected to be 3.4% EPS accretive on an annual basis.KDDI is a telecommunications company. Along with its affiliates, Co. operates in four principal business segments: personal, value, business, and global. Co. is engaged in the sale of mobile handset; and the provision of mobile telecommunication services under "au" brand name, Internet contents, settlement service, and electronic money service for individual customers. Co. offers information and communication technology ("ICT") solution services and data center services for domestic corporate customers, overseas companies and individual customers. Co. is also involved in the call center business, the research and technological development, and the telecommunication facilities maintenance.
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