June 16, 2017 10:23 am JST

Bain Capital to release more Skylark shares

Top shareholder to sell 13% of Japanese restaurant chain for $374m

Bain Capital will release 25.5 million shares, or about 13%, of the Japanese restaurant chain Skylark.

TOKYO -- Japanese restaurant chain Skylark on Friday said its top shareholder, Bain Capital, intends to unload a roughly 13% stake.

At 1,630 yen apiece, the sale of 25.5 million Skylark shares would be worth 41.56 billion yen ($374 million). The move will leave the U.S. investment company with a roughly 20% interest.

The plan is to sell the shares to overseas institutional investors through a group of brokerage companies.

Skylark came under Bain's control in 2011. After a round of restructuring, it relisted on the first section of the Tokyo Stock Exchange in 2014. Initially, Bain retained 70% of the company, but share sales in June 2015 and March this year reduced its holdings to some 33%. 

Bain is to remain an affiliate of Skylark, with a commitment to assisting the chain's management.

Skylark's share price on Friday morning fell to a low of 1,650 yen, down 69 yen, or 4.01%, from Thursday. The stock subsequently regained some of the lost ground.

(Nikkei)

Skylark Co., Ltd.

Japan

Market(Ticker): TKS(3197)
Sector:
Industry:
Consumer Services
Restaurants
Market cap(USD): 2,934.54M
Shares: 196.12M

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