Dentsu Soken (TYO:4812) has received a formal tender offer proposal from Itochu (TYO:8001) to acquire shares held by minority investors at 2,880 yen each and take the company private.
The company issued a statement on Friday, confirming an earlier Nikkei report that it received an offer from Itochu. The report said Itochu plans to acquire a 38.2% stake in the IT services provider for 250 billion yen and take it private alongside parent company Dentsu Group (TYO:4324), which will retain a 61.8% stake.
Dentsu Soken said it supports the offer and recommends that shareholders tender their shares.
Shares of Dentsu Soken rose 5% in recent trade.
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