Property developer Mitsui Fudosan Co. said Tuesday its friendly tender offer for Tokyo Dome Corp. was successful, clinching the ¥102.23 billion ($980 million) purchase of the operator of a major indoor ballpark.

Mitsui Fudosan will acquire an 84.8% stake in Tokyo Dome, seeking to redevelop the popular leisure spot where the stadium operator also operates an amusement park and hotel. With a maximum capacity of 55,000, the stadium is the home ballpark of professional baseball team Yomiuri Giants.

After Mitsui Fudosan makes Tokyo Dome a wholly owned subsidiary, The Yomiuri Shimbun Holdings, the publisher of one of the country’s leading newspapers, is scheduled to get a 20% stake in the operator.

In the tender offer from Nov. 30 through Monday, Mitsui Fudosan offered ¥1,300 per Tokyo Dome share. The developer said it will purchase some 78 million shares for ¥102.23 billion and turn the operator into one of its consolidated subsidiaries on Jan. 25.

With its expertise in running commercial complexes, Mitsui Fudosan also wants to help Tokyo Dome recover from the fallout of the coronavirus pandemic that has caused event cancellations and a drop in spectators.

Tokyo Dome is projecting a net loss of ¥18 billion for the business year through Jan. 31.

Mitsui Fudosan launched the friendly bid after Hong Kong investment fund Oasis Management, a major shareholder of Tokyo Dome, locked horns with the stadium operator over its management, such as making demands including the removal of its president, Tsutomu Nagaoka. But the investment fund eventually reversed course and supported Mitsui Fudosan’s tender offer for Tokyo Dome.

After Mitsui Fudosan came forward with its offer, Oasis Management decided to tender its shares in Tokyo Dome, paving the way for the successful bid.

Tokyo Dome, now trading on the first section of the Tokyo Stock Exchange, will be delisted.

Mitsui Fudosan aims to boost Tokyo Dome’s earnings by utilizing its knowledge on operating commercial facilities while considering the possibility of redeveloping the area around the stadium, including rebuilding the facility, located in Bunkyo Ward.

The realtor also plans to cooperate with the Giants to promote the integrated operations of the stadium and the baseball team.

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