Lawson, Japan's second largest convenience chain, is set to invest ¥3.98bn (US$38m) in purchasing discount grocer Ninety-nine Plus, according to press reports in the country.
It is reported that Lawson, which already owns 34.6 per cent of shares in the group, will purchase printed circuit board manufacturer Kyoden Co's 30 per cent stake in the retailer.
In a press statement Kyoden said that it would tender each share at ¥76,000, with Lawson purchasing all other tendered shares in Ninety-nine Plus at an overall price of ¥8.8bn.
Prior to the announcement of the takeover bid, shares in Lawson closed unchanged at ¥5,250, with Ninety-nine Plus's stock falling 1.8 per cent to ¥49,600.
