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Resona issues tender offer for Minato Bank, Kansai Urban Banking shares

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Resona issues tender offer for Minato Bank, Kansai Urban Banking shares

Resona Holdings Inc. launched a tender offer for the common shares of Sumitomo Mitsui Financial Group Inc. units Minato Bank Ltd. and Kansai Urban Banking Corp. as part of a plan to integrate the two regional banks with Resona's Kinki Osaka Bank Ltd.

Resona is offering to purchase 6,182,500 shares of Minato Bank and 11,029,200 shares of Kansai Urban Banking for ¥2,233 per share and ¥1,503 per share, respectively. The total consideration of the acquisition is approximately ¥30.38 billion.

Minato Bank and Kansai Urban Banking's respective boards of directors have approved the the tender offer and left the decision with the shareholders of the banks on whether to accept the offer, according to a Dec. 26 release.

The tender offer period is from Dec. 27 to Feb. 14, 2018, and the settlement date is Feb. 20, 2018.

Resona and Sumitomo Mitsui Financial entered into a final agreement in September to merge their regional bank units in Japan's Kansai region. The companies plan to consolidate the banks under an intermediate holding company by April 2018.

As of Dec. 26, US$1 was equivalent to ¥113.22.