From CNBC:

Shares of Japan’s third-largest convenience store chain, Lawson, surged 18% after receiving an offer from conglomerate Mitsubishi and mobile carrier KDDI to go private. The offer, valued at about $3.4 billion, would see Mitsubishi and KDDI jointly manage the chain, with KDDI intending to purchase shares at a 16% premium in April.

KDDI plans to buy shares at 10,360 yen ($70.07) each, representing a significant premium to Lawson’s closing share price of 8,913 yen on Tuesday. The process is expected to be completed around September, with KDDI currently owning a 2.11% stake in Lawson. Mitsubishi, on the other hand, owns 50.11% of the company.

Mitsubishi stated that Lawson’s stock will be delisted from the Tokyo Stock Exchange after the deal is completed. Additionally, KDDI is looking to utilize Lawson’s 14,600 stores to promote its banking and insurance products, and provide smartphone support services remotely at the stores. KDDI will also offer Lawson’s products and services at 2,200 of its mobile phone outlets, while Lawson will implement KDDI’s technologies to improve efficiency and strengthen store functions during disasters.



Read more: Lawson faces privatization bid from KDDI