A customer exits a Lawson Inc. convenience store in Tokyo, Japan, on Tuesday, Oct. 6, 2020.
Shares of Japan's third-largest convenience store chain Lawson surged 18% it received an offer to go private.
The offer would see conglomerate Mitsubishi and mobile carrier KDDI jointly manage the convenience store chain, with each owning a 50% stake.
This represents a 16% premium to Lawson's closing share price of 8,913 yen on Tuesday, valuing the offer at about 500 billion yen ($3.4 billion).
KDDI currently owns a 2.11% stake in Lawson, while Mitsubishi owns 50.11%.
Persons:
Lawson, KDDI
Organizations:
Lawson Inc, Mitsubishi, KDDI
Locations:
Tokyo, Japan, Lawson