FY2018-Q3First statedAnnual report
「On 29 January 2018, the Company entered into an agreement to tender 4,369,100 common shares and 2,084,000 Class A preferred shares held by the Company into the tender offer to be conducted by Rakuten, Inc. for the common shares and Class A preferred shares of Asahi Fire and Marine Insurance Co., Ltd., the Company's consolidated subsidiary. Settlement of the tender offer is scheduled for 30 March 2018, and if the tender offer is successful, Rakuten is expected to pay ¥33.8 billion as the sale proceeds. Approximately ¥9.0 billion is expected to be recorded as profit before income taxes in the consolidated financial statements for the fiscal year ending March 2018. Asahi Fire will be excluded from the scope of consolidation from the fourth quarter of the fiscal year ending March 2018.」
An agreement was entered into to tender 4,369,100 common shares and 2,084,000 Class A preferred shares of Asahi Fire into Rakuten's tender offer. The scheduled settlement date, sale proceeds, expected profit and timing of exclusion from the scope of consolidation were provided.