Breakingviews - Japan’s FamilyMart plays way too easy to get

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(Reuters Breakingviews) - A convenience-store takeover doesn't check out. Japanese trading house Itochu, which already owns just over 50% of FamilyMart, wants to buy the rest of the convenience-store chain in a $5.4 billion deal. The premium is thin, and governance concerns should give investors pause.

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The signboard of a joint FamilyMart/Don Quijote convenience store is pictured in Tachikawa, Tokyo, Japan June 1, 2018. REUTERS/Sam Nussey

The $38 billion energy-to-mining giant wants to take the ubiquitous seller of onigiri and soft drinks private, citing a “harshly competitive” industry. Itochu’s offer of 2,300 yen a share represents a 31% premium to FamilyMart’s July 8 closing price, but is equivalent to where it traded in March. The offer is also lower than the special committee’s financial adviser valuation, which estimated a fair discounted cashflow value of between 2,472 yen and 3,040 yen per share excluding synergies.

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interesting title choice

공공의대---의사 지망생에 대한 편의성인듯--저렴한 등록금 대학교육에 우수한 저소득층의 편의성또는 학비감면---장학금그리고 보완장치는 효과가 적은듯 본질이 더러운 부류는 배워도 그꼴인듯---올바르게 배워야지 사립대학의 통폐합---대학은 학원과는 다른듯

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