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Nikko Cordial completes takeover bid for Bellsystem24.

TOKYO, Oct. 28 Kyodo

Nikko Cordial Corp. said Wednesday it has completed a monthlong takeover bid for the outstanding common stock of Tokyo-based Bellsystem24 Inc. to make the call-center operator a wholly owned subsidiary.

Nikko Cordial said its investment arm, Nikko Principal Investments Japan Ltd., made the bid at a cash price of 28,000 yen per share for a period that began Sept. 28 and bought 2.63 million Bellsystem24 shares.

The bid increased Nikko Principal's stake in Bellsystem24 to 97.81 percent from 71.73 percent. Nikko Principal built up its stake after buying all the shares held by information services provider CSK Corp. and new shares issued by Bellsystem24, both earlier this year.

Nikko Principal has invested a total of 233 billion yen for the acquisition of Bellsystem24. It intends to make Bellsystem24 a wholly owned subsidiary by obtaining the remaining 2.19 percent stake through an equity swap.

Bellsystem24, capitalized at 62.18 billion yen, will be delisted from the First Section of the Tokyo Stock Exchange once it becomes a wholly owned subsidiary of Nikko Principal.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Nov 1, 2004
Words:181
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