Japanese property developer Mitsui Fudosan has today (Friday) launched a JPY120.5bn (£866.75m/€971.7m/$1.16bn) takeover offer for Tokyo Dome Corporation, which has come under attack from its Hong Kong-based top shareholder.

Tokyo Dome Corp operates the eponymous stadium, which is the home of Nippon Professional Baseball team Yomiuri Giants. It also oversees a theme park and hotel business, but in recent weeks has seen its leading shareholder, Oasis Management, call for the removal of board members and changes to the company’s operations.

Mitsui Fudosan today said it will seek to acquire all shares of Tokyo Dome Corp through a tender offer which will see it delisted from the Tokyo Stock Exchange. “We came to a conclusion that it’s best to partner with Tokyo Dome as we have sought urban development based on sports and entertainment,” Mitsui Fudosan said.

In a separate statement, Tokyo Dome Corp said it supports the bid. Mitsui Fudosan said it would also sell 20% of the shares to media conglomerate Yomiuri Shimbun, owner of the Giants, after the deal concludes.

Japanese news agency Kyodo said Oasis Management is seeking to remove Tokyo Dome president Tsutomu Nagaoka and two directors in an effort to improve the company’s business. The proposal was made and rejected last month, with an extraordinary shareholder meeting scheduled for December 17 to discuss the matter.

Tokyo Dome Corp has been hit by event cancellations and postponements due to COVID-19 and reported a net loss of JPY9.82bn in the first half of this financial year, from February to July. This compared to a profit of JPY4.69bn for the equivalent period in 2019.

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