Bain Capital to release more Skylark shares
Top shareholder to sell 13% of Japanese restaurant chain for $374m
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.