Itochu to Tender Offer Dentsu Soken, Ending Parent-Child Listing Structure
Itochu will launch a tender offer to take Dentsu Soken private, ending the parent-subsidiary listing structure with Dentsu Group. Itochu plans to buy almost 75 million shares at ¥2,880 each for about ¥215.2 billion ($1.3 billion) via a vehicle backed by Itochu and IFP. The offer starts in early November and should end in early December; Dentsu Group, holding roughly 62%, will not tender its shares.