Bandai taking over subsidiaries
Japan co. purchases shares of Networks, Visual
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Bandai Namco intends to make both companies wholly owned subsidiaries. It owns a 62% stake in Bandai Visual, its visual and musical software arm, and 70% in Bandai Networks, its mobile communications unit.
The share buy begins on Friday and will continue until Dec. 10. The company has set a price of $2,562 for Bandai Visual shares and $538 for Bandai Networks shares. These prices are the averages of the share prices for the past month, with a premium of 25% and 32% respectively above the prices at the end of trading on Wednesday. Bandai Namco will conduct stock swaps for shares it cannot buy.
Bandai Holdings also plans to transfer the home game software and arcade game businesses of subsid Banpresto to Bandai Namco Games and will transfer amusement park operators Pleasure Cast and Hana Yashiki to a Namco subsid.
Bandai Holdings hopes the move will achieve synergies that will boost its share price.
