FILE PHOTO: A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/Illustration
TOKYO (Reuters) – Internet and e-commerce company Yahoo Japan Corp, will launch a takeover bid for online clothing retailer Zozo Inc, public broadcaster NHK said on Thursday.
Zozo founder Yusaku Maezawa is willing to sell his shares in the tender offer, NHK said, citing sources. The deal would be worth “hundreds of billions of yen”, NHK said.
Yahoo Japan is nearly a third owned by Japanese telecom SoftBank Corp. Zozo has a market value of around 660 billion yen ($6.1 billion), according to Refinitiv data.
Reporting by Ritsuko Ando; Editing by David Dolan