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MUFG Bank finalizes WealthNavi tender offer

Published 21/01/2025, 08:24
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TOKYO - MUFG Bank, Ltd. has successfully completed its tender offer for shares and stock acquisition rights of WealthNavi Inc., a firm listed on the Tokyo Stock Exchange's Growth Market. The offer, which concluded on Monday, resulted in MUFG acquiring a significant majority stake in the fintech company.

The tender offer, which commenced on December 2, 2024, aimed to purchase up to 51,111,736 common shares of WealthNavi, without setting a maximum purchase limit. The offer also included various series of stock acquisition rights. The final tally of shares tendered exceeded the minimum threshold of 30,988,100 shares, allowing MUFG to proceed with the acquisition of all tendered shares and rights.

MUFG offered 1,950 yen per common share and a range of prices for the different series of stock acquisition rights, with the highest being 4,389 yen and the lowest at 3,297 yen. The total number of tendered shares and rights amounted to 46,563,404, which significantly increases MUFG's voting rights in WealthNavi from 15.13% to 92.45%.

The settlement for the tender offer is scheduled to begin on January 27, 2025, with MUFG's financial instruments dealers Mitsubishi UFJ (NYSE:MUFG) Morgan Stanley (NYSE:MS) Securities Co., Ltd. and the sub-agent au Kabucom Securities Co., Ltd. handling the transactions.

Following the tender offer, MUFG plans to initiate procedures to make WealthNavi a wholly-owned subsidiary, which will result in the delisting of WealthNavi's shares from the Tokyo Stock Exchange. The bank has stated that future announcements regarding these procedures will be made promptly after discussions with WealthNavi.

This strategic move by MUFG is based on a press release statement and is expected to further consolidate its position in the financial technology sector. The details of the tender offer and the subsequent ownership changes are available for public inspection at MUFG Bank and the Tokyo Stock Exchange.

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