Wal-Mart seeks full ownership of Seiyu
BENTONVILLE, Ark. and TOKYO Wal-Mart Stores is making an offer to buy all of the outstanding shares of it Japanese subisidiary, Seiyu, that it does not already own. According to Wal-Mart, the offer is backed by Seiyu’s board of directors, which today passed a resolution of support.
Wal-Mart announced that the tender offer price is 140 yen ($1.19) per common share, which represents a premium of 60.9 percent over the closing price on the Tokyo Stock Exchange on Oct. 19, and a premium of 34.6 percent over the average closing price for the prior three months.
Wal-Mart currently owns 50.9 percent of Seiyu. The tender offer represents an additional investment by Wal-Mart of up to 100 billion yen (approximately $862 million).
“Today’s announcement is a reaffirmation of our commitment to Japan, the second largest economy in the world,” said Mike Duke, vice chairman of Wal-Mart Stores. “The Japanese retail market is of major strategic importance to Wal-Mart, and our goal is to achieve long-term success and growth in Japan.”
According to Wal-Mart, the tender offer will begin on Oct. 23 and will close on Dec. 4. The company said its minimum objective would be to gain ownership of at least two thirds of Seiyu’s common shares. Following a successful tender offer, Wal-Mart said it will move to acquire all of the remaining shares, which would result in the delisting of Seiyu shares from the Tokyo Stock Exchange.
Seiyu and Wal-Mart entered into an alliance in May 2002. Wal-Mart became the majority owner of Seiyu at the end of 2005, and has since committed substantial resources with the aim of improving Seiyu’s corporate value.
IRI hosts town meetng for Wal-Mart suppliers
CHICAGO Information Resources Inc. is a hosting a Wal-Mart Supplier Town Hall Meeting to show the latest innovations in product assortment and space planning solutions to help suppliers grow their business with Wal-Mart.
IRI will address its partnership with Bentonville Software Associates that will align the customer data and space planning processes that use each company’s software. Wal-Mart relies on these companies to help their suppliers improve category performance and reduce internal labor costs. The software from the companies also streamlines data integration, sales forecasting, as well as evaluates profitability and out of stocks.
The meeting will take place on Oct. 30th in Rogers, Ariz. From 8-11:30 a.m. CST.
Educational children’s book about hemophilia published by Bayer and BioRx
CINCINNATI Bayer HealthCare and BioRx, a specialty pharmaceutical company, have joined together to publish a children’s book about hemophilia.
Written by Chris Perretti Barnes, the mother of a young boy with hemophilia A, I AM NATE is the second in a series of books intended to educate children about hemophilia.
“For children living with hemophilia, learning and talking about hemophilia and inhibitors can be overwhelming, confusing, and scary,” said Barnes. “I AM NATE can help parents open up lines of communication with their child and begin a discussion in a friendly, fun, and safe way. It is wonderful that both Bayer and BioRx value educating youth in the hemophilia community.”
Hemophilia is an inherited blood disorder characterized by prolonged or spontaneous bleeding, especially into the muscles, joints or internal organs that effects about 17,000 Americans. Deficient or defective blood coagulation proteins, known as factor VIII or IX, cause the disease. The most common form of the disease is hemophilia A, or classic hemophilia, in which the clotting factor VIII is either deficient or defective. Hemophilia B is characterized by deficient or defective factor IX.