TRU takes control in Japan

TRU takes control of Japanese operation with increased share purchase.
Author:
Publish date:
Social count:
0
5_Pocoyo.jpg

Toys R US Inc has taken control of its Japanese unit, Toys R US-Japan, by buying about $32 million worth of shares from McDonald's Holdings Co (Japan).

The deal arose out of Toys R US-Japan agreeing to pay two billion yen ($19.3 million) to settle a lawsuit with McDonald's Holdings over a contract under which it had paid the hamburger chain a percentage of its sales for business advice.

After ending that contract, McDonald's Holdings, which is Japan's largest fast-food chain and about half owned by McDonald's Corp, wanted to unload its 13 percent stake in Toys R US-Japan.

A wholly-owned investment vehicle of Toys R US Inc said it would launch a tender offer to buy that stake, spending about 3.3 billion yen to boost its holding in the Japan unit to about 61 per cent from 47.76 per cent.

It will offer 729 yen per share, or 3 percent below Tuesday's close of 754 yen, and did not set an upper limit on how many shares it will buy.

That leaves an outside chance the tender could lead to a delisting of the unit, although that is unlikely to happen since the offer is at a discount to the market price, a spokesman for Toys R US-Japan said.

Toys "R" Us Inc is owned by a consortium that includes Kohlberg Kravis Roberts & Co, Bain Capital and Vornado Realty Trust.

Toys R US-Japan runs 168 stores in Japan.

Related

Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.

Liberty

UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.