Latest Tokyo Brief coverage on LIFE CORPORATION, tracking filings, financial news, and market signals from Japan.
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Life Corporation is paying a 51% premium to take Hokuriku supermarket chain Albis private after five rounds of price haggling, and Mitsubishi Corporation is staying on as a 16.6% shareholder rather than selling out.
ALBIS shareholders are being offered a 51% premium to sell into Life Corporation's ¥3,780-a-share tender, but the price assumes they forfeit this year's dividend, and Mitsubishi Corporation, ALBIS's top holder, is staying on rather than cashing out.
Life Corporation grew quarterly revenue 3.2% but operating profit fell 6.9% after personnel costs rose 5.1% on a third straight year of 5%-plus wage hikes and expanded staff holidays, and the company is sticking with its full-year profit target regardless.