$1bn bid for Tokyo Dome planned by developer Mitsui Fudosan
Nikkei -- Nov 27
Japanese property developer Mitsui Fudosan plans to acquire Tokyo Dome, eyeing a tender offer of more than 100 billion yen ($960 million) for the ballpark and hotel operator.

Tokyo Dome shares closed Thursday at 897 yen, putting the company's market capitalization at 85.9 billion yen. Mitsui Fudosan's bid, which is expected to be joined by a partner, likely will exceed 100 billion yen, factoring in a premium. The aim is to turn Tokyo Dome into a subsidiary.

Tokyo Dome posted a net loss of 9.8 billion yen for the February-July half, compared with a 4.6 billion yen profit a year earlier, as events were canceled amid the coronavirus pandemic.

Hong Kong hedge fund Oasis Management, a major shareholder with a nearly 10% stake, has pressed Tokyo Dome to improve management of its hotel and theme park businesses. In October, it called for Tokyo Dome President Tsutomu Nagaoka and two other board members to resign, citing insufficient progress. The Oasis proposal will be taken up at an extraordinary shareholders meeting on Dec. 17.

News source: Nikkei
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