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Mitsubishi Launches Bid for KFC Japan

by 5m Editor
6 November 2007, at 10:26am

JAPAN - Japanese trading house Mitsubishi Corp. launched a tender offer worth up to $268 million to boost its stake in Kentucky Fried Chicken Japan Ltd., which owns more than 1,500 KFC and Pizza Hut restaurants in Japan.

The board of KFC Japan voted in favor of the bid, according to spokesman Ichiro Takatsuki.

Mitsubishi, which already owns 31 percent of KFC Japan's shares, said it has offered 1,947 yen ($16.91) for each of the rest of the shares _ about 10 percent below the stock's average closing price over the past month.

Mitsubishi has agreed with U.S.-based Kentucky Fried Chicken Corporate Holdings Ltd. to buy its 31 percent stake in KFC Japan, and will buy further shares in a deal worth up to 30.83 billion yen ($267.7 million).

The tender offer was scheduled to run through Dec. 7.

Source: Chron.com

5m Editor