Shareholders of major Japanese pharmacy chain Tsuruha on Monday approved all proposals presented at the day's general shareholders meeting, including one on a stock swap with rival Welcia for a future merger.
Tsuruha, based in Sapporo, has announced it will integrate its operations with Welcia, the biggest force within the Japanese pharmacy industry, in December.
Under the planned merger, announced in April, Tsuruha will make Welcia a wholly-owned subsidiary through an equity swap. Japanese retailer Aeon, which is Welcia's parent company, will then make Tsuruha a consolidated subsidiary through a tender offer.
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