Polo Ralph Lauren extends presence in Japan
16/04/2007
American apparel company Polo Ralph Lauren Corporation plans to acquire approximately 80% of the outstanding shares of Impact 21 Co., its Japanese sub-licensee for men's, women's and jeans apparel and accessories. The offer for 2,600 yen ($22) per share in cash is supported by the board of Impact 21 Co., and is also supported by Onward Kashiyama Co., Ltd. which, together with its affiliates, is the single largest shareholder in the company. Onward Kashiyama has agreed to tender all of its and its affiliates’ shares in conjunction with the offer. The purchase price represents a 19% premium to Impact 21's closing stock price of 2,190 yen as of April 12.
Polo Ralph Lauren has also entered into an agreement to purchase the remaining 50% interest in its Japanese Master Licensee, Polo Ralph Lauren Japan, held by Onward Kashiyama and others, for 2.7 billion yen ($23 million). The acquisition will be completed upon the acceptance of the tender offer, thereby making Polo Ralph Lauren Japan a wholly-owned subsidiary of Polo Ralph Lauren Corporation.
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