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Aeon Co Ltd's Subsidiary to Acquire AEON Bank, LTD. through Stock Swap

Wednesday, 12 Sep 2012 02:00am EDT 

Aeon Co Ltd announced that its subsidiary Aeon Credit Service Co Ltd, announced that it has decided to fully acquire AEON Bank, LTD. through stock swap, effective January 1, 2013. In the stock swap, one share of AEON Bank, LTD.'s stock (including common stock and other types of stock) will be exchanged with 23.7 shares of Aeon Credit Service Co Ltd's common stock. Aeon Credit Service Co Ltd will issue 42,660,000 new shares of common stock for this stock swap. After this, AEON Bank, LTD. will become a wholly owned subsidiary of Aeon Credit Service Co Ltd. After this transaction, Aeon Credit Service Co Ltd. will transfer the credit card business to AEON Bank, LTD., and the other businesses to a newly established subsidiary of Aeon Credit Service Co Ltd. and then move to a holding company structure, with company name changed to AEON Financial Service Co., Ltd., effective April 1, 2013. 

Company Quote

4.0 +0.34%
9:20pm EDT