Wal-Mart completes Seiyu tender offer

BENTONVILLE, Ark. Wal-Mart Stores announced today that with its tender offer for the outstanding shares of Seiyu complete, it now owns 95.1% of the company.

"We are very pleased with the positive response to this tender offer," said Mike Duke, vice chairman of Wal-Mart Stores. "This successful result paves the way to achieve our stated goal of full ownership of Seiyu, which will enable Seiyu and Wal-Mart together to accelerate the delivery of long-term benefits to our customers, the communities we serve, our associates and our business partners."

The tender offer commenced on Oct. 23 and closed on Dec. 4. Settlement for tenders received will commence on Dec. 11. According to Wal-Mart, as a result of this tender offer, it will proceed with additional steps to acquire all of the remaining shares, which will result in the delisting of Seiyu shares from the Tokyo Stock Exchange.