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Mitsubishi Estate launches offer to up stake in Japanese hotelier to 99.7%

Mitsubishi Estate Co. Ltd. launched a bid to acquire 2.6 million shares or no less than 322,941 shares in Marunouchi Hotel Co. Ltd. for ¥1.94 billion, or ¥760 apiece, Reuters reported, citing a Japanese filing.

The Japanese diversified real estate developer said the acquisition will increase its stake in the hotel company to 99.7% from 31.4%, according to the report.

The offer will run from Feb. 21 to April 18, with the payment date set for April 27, Reuters said.

As of Feb. 21, US$1 was equivalent to ¥107.72.