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Tomy - Takara Merger Progresses

posted on 2005-08-12 10:49 EDT
Companies to Merge on March 1, 2006

While the deed is not yet done, the respective boards of directors of Tomy and Takara have agreed to merge and have signed an agreement to merge.

All that remains is for the shareholders of each company to aprove the merger in special general meetings that will take place on September 6.

With the shareholder's aproval. Tomy will will implement a one-for-two stock split on September 30 and will issue 0.356 Tomy shares for each Takara share. The official merger will take place on March 1, 2006.

The new company will be known as Kabushiki Kaisha Takara TOMY or simply TOMY COMPANY, LTD in English.

Tomy is currently the second largest toymaker in Japan and Takara the third. Their combined sales will still only make them the second largest toy maker in Japan, behind Bandai, which has more sales than the two companies combined. Furthermore, Bandai itself is set to merge with Namco in September.

A full press release was issued by Tomy, an English translation of which can be read here.

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