TOKYO -- A tender offer by SoftBank Corp and South Korea's Naver for shares in popular messaging app Line has had a lukewarm reception, after a boom in tech stocks prompted calls from some minority shareholders for a higher offer.
SoftBank Corp, the Japanese telecommunications arm of SoftBank Group, teamed up with Naver last year to create a $30 billion internet giant by merging Naver-owned Line and SoftBank-owned Z Holdings. A joint tender offer to buy out Line minority shareholders was the first step in a complex merger that is expected to be completed next year.
