(Reuters Breakingviews) - A convenience-store takeover doesn't check out. Japanese trading house Itochu, which already owns just over 50% of FamilyMart, wants to buy the rest of the convenience-store chain in a $5.4 billion deal. The premium is thin, and governance concerns should give investors pause.
The signboard of a joint FamilyMart/Don Quijote convenience store is pictured in Tachikawa, Tokyo, Japan June 1, 2018. REUTERS/Sam Nussey
The $38 billion energy-to-mining giant wants to take the ubiquitous seller of onigiri and soft drinks private, citing a “harshly competitive” industry. Itochu’s offer of 2,300 yen a share represents a 31% premium to FamilyMart’s July 8 closing price, but is equivalent to where it traded in March. The offer is also lower than the special committee’s financial adviser valuation, which estimated a fair discounted cashflow value of between 2,472 yen and 3,040 yen per share excluding synergies.
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