Bain launches discount tender offer for Japanese mobile retailer T-Gaia

TOKYO :Bain Capital on Monday launched a tender offer for Japanese cell phone retailer T-Gaia at 2,670 yen per share, a 26.5 per cent discount to T-Gaia's Friday close price. Bain Capital has agreed with T-Gaia's major shareholders Sumitomo Corp and Hikari Tsushin to take the company private, T-Gaia said in a corporate disclosure.

Bain will spend a total of more than 140 billion yen ($987 million) to take T-Gaia private, the Nikkei business daily, which first broke the news, reported. Tokyo Stock Exchange temporarily suspended the trade of T-Gaia shares, which spiked nearly 9 per cent after the Nikkei report. ($1 = 141.



7900 yen).