SoftBank, Naver to Take Line Private Through Squeeze Out
(Bloomberg) -- SoftBank and Naver will take Line Corp. private through a squeeze out after after concluding a tender offer Tuesday.
- SoftBank says 31.2m shares, including 1.09m share certificates, were tendered in the joint bid it launched with Naver as part of a plan to take Line private; had said it could purchase up to 88.3m shares
- Softbank, Naver total purchase price is 168b yen
- Says they intend to implement a series of procedures to become the only shareholders of Line
- NOTE: SoftBank, Naver had met resistance over the terms of the tender offer; some investors thought the 5,380 yen price was too low
- Related Story: Hedge Funds Ask Line Corp. to Clarify Deal With Z Holdings: FT
Story Link: SoftBank, Naver to Take Line Corp. Private Through Squeeze Out
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