Kintetsu GHD completes TOB of Kintetsu World Express

Kintetsu Group Holdings (GHD) announced the completion of a takeover bid (TOB) for its equity method affiliate, KWE. Kintetsu GHD will make KWE a consolidated subsidiary as of July 12. KWE is expected to be delisted. Kintetsu GHD conducted a TOB from May 16 to July 5, 2011 at 4,175 yen per share. The acquisition price was 144.31 billion yen. By making KWE a wholly owned subsidiary, Kintetsu GHD intends to further strengthen cooperation within the Kintetsu Group, expand growth drivers, diversify and stabilize business risks, and restructure governance as a group. KWE, on the other hand, has the advantage of being able to operate its business with a high degree of freedom under the umbrella of Kintetsu GHD without being restricted by capital markets, and also aims to create new businesses by sharing the Kintetsu Group's management resources from a long-term perspective.