Top Japanese Law Firms Acted on Dai-ichi Life's $2 Billion Pasona Bid
Top Japanese Law Firms Acted on Dai-ichi Life's $2 Billion Pasona Bid
Two of Japan's leading law firms, Nishimura & Asahi and Mori Hamada & Matsumoto, are providing legal counsel on the JPY292 billion ($2 billion) acquisition of Japanese employee benefits provider Benefit One by life insurance giant Dai-ichi Life Holdings. The acquisition will be conducted through a tender offer to Pasona Group, the parent company of Benefit One.
On December 8, Pasona, a Japanese multinational specialising in employment and staff solutions, announced an agreement with life insurance giant Dai-ichi Life. Pasona has agreed to sell its entire 51 per cent stake in Benefit One, an employee benefits provider, to Dai-ichi Life for an undisclosed amount.
In the same filing, Pasona announced the termination of its share tender agreement with Japanese digital healthcare provider M3. This decision followed their acceptance of Dai-ichi Life's offer of JPY2,173 (approximately $14.5) per share for their 51 per cent stake in Benefit One.
The tender offer, running from February 9 to March 11, 2024, will be guided by a team led by Tokyo-based partners Yamato Nozawa and Junya Kokaji.
While seeking to delist from the Tokyo Stock Exchange, Benefit One, partially owned by the Norwegian government (1.38 per cent), has reportedly secured legal counsel from Mori Hamada.
