Sankei RE backs tender offer from former Murakami Fund affiliate

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3▲1 ▼0Impact / 5
Summary · why it matters

Sankei Real Estate Investment Corporation announced on the 25th that it has expressed its support for the tender offer for its investment units by City Index Fifth, an investment company affiliated with the former Murakami Fund, while at the same time resolving to leave the decision on whether to tender to the judgment of unitholders. City Index Fifth plans a tender offer aimed at taking Sankei RE private, from September 28 to November 10, at 125,000 yen per investment unit, with a minimum planned purchase of 118,732 units. The closing price on the 25th was 107,200 yen, up 2 percent from the previous day. Regarding Sankei RE, a tender offer conducted by real estate company Tosei and others from January through May had ended in failure. Subsequently, a change report filed on August 7 revealed that City Index Eleventh, an investment company affiliated with the former Murakami Fund, holds a combined 29.90 percent together with joint holder Aya Nomura and others. Nomura and the others will not tender into the current offer and plan to comply with the procedures for taking the company private should the offer succeed.

Impact on assets 2

Real Estate▲
SANKEI REAL ESTATE Inc.
2972
▲ PositiveCapitalrelevance

Sankei RE supports City Index Fifth's tender offer at 125,000 yen/unit, a premium to the 107,200 yen close, taking it private.

Off-coverage companies 2

City Index Fifthi
Private▲ PositiveCapitalrelevance

City Index Fifth is the acquirer launching the tender offer to take Sankei RE private at 125,000 yen per unit.

City Index Eleventhi
Private± MixedCapitalrelevance

City Index Eleventh holds 29.90% with joint holders and will not tender, planning to comply with take-private procedures if the offer succeeds.