NAGOYA (Kyodo) Soft drink maker Pokka Corp. said Wednesday its attempt to buy more than two-thirds of its outstanding shares through a tender offer bid has effectively succeeded, setting the stage for a delisting.

The Nagoya-based company said its investment ally, Advantage Holdings Inc., succeeded in acquiring more than the two-thirds through a tender offer that began Aug. 23 and ended Tuesday. Advantage Holdings undertook the takeover bid on behalf of Pokka.

“Our company has received a report from Advantage Holdings . . . that the number of shares offered by investors to respond to the tender offer has reached the number of shares we had planned to buy,” Pokka said in a statement.

Advantage Holdings is wholly owned by Tokyo-based investment firm Advantage Partners Inc.

The management buyout is a necessary procedure to turn Pokka into an unlisted firm.

Pokka, listed on the first sections of the Tokyo Stock Exchange and the Nagoya Stock Exchange, has been seeking to shield itself from possible hostile takeover bids by removing its shares from the bourses.

The number of shares offered for its buyout plan was not immediately known, but to conduct the management buyout Pokka had tasked Advantage Holdings with acquiring a stake of more than 66.7 percent.

Pokka has been seeking to implement the management buyout so it can implement longer-term strategies to boost its corporate value without worrying about the short-term performance of its business standing or a hostile takeover bid.

A Pokka official earlier said the buyout plan was expected to succeed because its major shareholders, including Otsuka Beverage Co. and Nestle Japan Holding Ltd., expressed willingness to endorse the plan.

Advantage Holdings set the offer price of 690 yen per share, which represents a 23.7 percent premium over the average share price for one month on the TSE’s first section before the company announced the buyout plan.

On Tuesday, Pokka’s price on the TSE closed at 634, yen down 56 yen from the offer price.

After Advantage Holdings completes the takeover bid, Pokka’s current management will invest in Advantage Holdings to participate in its management as Advantage Holdings turns the beverage maker into a wholly owned subsidiary.

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