Japanese home furnishings retailer Nitori Holdings Co. said Thursday it will launch a rival takeover bid in mid-November to make do-it-yourself and hardware store operator Shimachu Co. a wholly owned subsidiary, triggering a fierce acquisition battle with a major DIY store operator.
Nitori set its bid price at ¥5,500 ($53) per share, surpassing the ¥4,200 per share that its rival DCM Holdings Co., a Tokyo-based operator of DIY store chains, is paying in a tender offer through Nov. 16 worth up to ¥163.6 billion.
Nitori plans to spend a total of ¥214.3 billion on the takeover bid. On the Tokyo Stock Exchange, Shimachu shares closed Thursday's session up 3.5 percent at ¥5,060.