U.S. apparel firm Polo Ralph Lauren Corp. said Friday it will launch a friendly buyout bid for Japanese peer Impact 21 Co.
The U.S. firm already holds a 20 percent equity stake in Impact 21, a subsidiary of Onward Kashiyama Co. and listed on the first section of the Tokyo Stock Exchange.
Onward Kashiyama decided earlier in the day to tender its group's entire stake of 41 percent in Impact 21 to the buyout bid, according to Polo Ralph Lauren.
Impact 21, established in 1984, sells apparel and sundry goods under the Ralph Lauren, Polo Ralph Lauren and Polo Jeans Co. names.