Holder Orbis (9.7%) opposes merger with Welcia and offer from Aeon
- Orbis believes that AEON should offer to buy 100% of the merged Tsuruha entity for cash at a price greater than the ¥15,500 per share AEON paid for Oasis’ 13.41% stake in Tsuruha to reflect a control premium.
Orbis calls upon Tsuruha shareholders to reject the proposed Merger at the 26 May AGM, and on Tsuruha’s board to allow other interested parties to offer a higher price, accompanied by the opportunity to conduct full due diligence to support their potential bids. Indeed, we believe that a fair price to take control of Tsuruha is likely to be in excess of ¥15,500 per share, and could be around ¥20,000 per share.