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Business deals

Japan's Nitori wins over Shimachu with $2bn takeover bid

Furniture retailer drops support for rival tender offer underway from DCM

Nitori is expected to launch a friendly offer on Shimachu as early as mid-November. (Photos by Makoto Okada and Taro Saeki)

TOKYO -- Japanese furniture retailer Shimachu has decided to accept a roughly 210 billion yen ($2 billion) takeover offer from industry peer Nitori Holdings, Nikkei learned Thursday.

Shimachu previously supported a tender offer by DCM Holdings, another industry compatriot. But it has changed tack after Nitori offered a 30% premium on DCM's terms. The decision means Nitori will not attempt a hostile takeover of the company.

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