Major retailer Aeon Co. said Tuesday it has made a successful takeover bid for Origin Toshu Co., the food chain that specializes in ready-to-eat "bento" boxed meals, acquiring 95.67 percent of the company's outstanding shares.
Aeon was initially aiming for a 50.01 percent stake with the public tender offer, which ended Monday.
Since Aeon's interest in Origin exceeds 90 percent, Origin will be delisted from the second section of the Tokyo Stock Exchange around July in accordance with TSE regulations.
Aeon offered to purchase Origin stock at 3,100 yen per share, bringing the acquisition cost to 52.6 billion yen.
Aeon's tender offer was launched at the request of Origin, which sought the retailer's help in fending off a bid by discount store chain Don Quijote Co.
Faced with Origin's resistance, Don Quijote decided in late February to sell its 48 percent stake to Aeon.
After bringing Origin under its wing, Aeon will enlist the business expertise of its new subsidiary to bolster precooked food sales at its supermarkets.
The company says the purchase of Origin will not affect its earnings results for the business year that ended Feb. 28.