Yahoo Japan plans tender offer for retailer Zozo at $3.7B

Yahoo Japan is putting up a $3.7 billion tender offer for Japanese online retailer Zozo, whose celebrity founder will step down as chief executive, @mariyamaguchi reports.

12.9.2019

Yahoo Japan is putting up a $3.7 billion tender offer for Japanese online retailer Zozo, whose celebrity founder will step down as chief executive, mariyamaguchi reports.

TOKYO (AP) — Yahoo Japan Corp. is putting up a tender offer, estimated at 400 billion yen ($3.7 billion), for Zozo Inc., a Japanese online retailer started by a celebrity tycoon. Yahoo Japan...

Maezawa, who owns nearly 37% of the company, will step down and sell nearly 93 million shares of his more than 112 million shares, according to the plan.

He started out running an import CD business and played in a rock band before he started his online fashion business with a shopping site called Zozotown when online retailing was still new in Japan.

Succeeding Maezawa at Zozo’s helm is Kotaro Sawada, who joined the company about 10 years ago after working at Japanese telecommunications giant NTT Data Corp.

“Our initial impression is positive for both companies,” she said.

Read more: The Associated Press

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