Latest Tokyo Brief coverage on ART VIVANT CO.,LTD., tracking filings, financial news, and market signals from Japan.
TSE:7523
ART VIVANT's own chairman set up a ¥5,000 holding company that picked up 59.73% of the Tokyo-listed retailer in a tender offer; combined with the chairman's other holding vehicle, insiders now control 94.02%, enough to push the company toward delisting.
Katsu Corporation, the holding company tied to Art Vivant founder Katsumi Nozawa, has agreed to keep its 33.76% stake out of Orsay Co.'s buyout tender while promising to vote afterward for a squeeze-out that would leave only Orsay and Katsu Corporation as shareholders.
Katsumi Nozawa's Orsay vehicle is offering ¥1,900 a share for Art Vivant, up from the ¥1,670 that failed to clear its minimum threshold last year, and this time top shareholder Hiroyuki Maki has signed a pledge to tender his full 39.93% stake.