SoftBank, Naver to Take Line Private Through Squeeze Out

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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