A special purpose company set up to carry out a management buyout of Skylark Co. has successfully completed a tender offer, moving the restaurant chain toward delisting from the Tokyo Stock Exchange, Skylark said Tuesday.
Through the one-month tender offer that ended Monday, the special purpose firm, SNC Investment Co., acquired some 102.6 million shares, or 94.38 percent, of Skylark's outstanding voting shares, it said.
SNC Investment will thus own Skylark as a subsidiary and absorb it as early as January, the company said.
Because SNC Investment owns almost all Skylark shares, the TSE may delist Skylark in late September.
SNC took Skylark private to allow it to overhaul the family-style restaurant chain without worrying about its stock price or possible hostile takeover bids.
Skylark management will try to consolidate the existing restaurant network and enhance profitability in a bid to allow the company to go public again, the company said.