FM Tokyo take over GignoSystem
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FM Tokyo Broadcasting Co’s tender offer for mobile phone content provider subsidiary GignoSystem Japan Inc has ended in success, GignoSystem said Monday. As a result, the major radio station will raise its stake in GignoSystem to 95.66% from 53.61% for a total of 3,235 million yen.
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In the tender offer, which ran from March 7 to Friday, FM Tokyo received sell offers for 196,060 shares in GignoSystem and plans to buy all of them for 16,500 yen apiece.
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FM Tokyo will acquire the remaining stake to take full control of the subsidiary. Then GignoSystem will be delisted from the Osaka Securities Exchange’s Hercules market for startup companies.
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