Hankyu Holdings Inc. said Tuesday it will acquire 63.71 percent of Hanshin Electric Railway Co. for nearly 250 billion yen, paving the way for the first postwar merger of major private railways in October.
Hankyu said 2,219 shareholders had responded to its public tender offer that ended Monday, giving it about 269 million of the 433 million Hanshin shares outstanding.
The tender succeeded after the Murakami fund agreed to sell its entire 47 percent stake in Hanshin at the 930 yen offering price, ending a nine-month standoff.