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.

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.

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.