-- North Pacific Bank (TYO:8524) said its tender offer for shares in Career Bank was successful, lifting its stake to 88.26% and enabling the target to become a subsidiary, according to a Wednesday filing on the Tokyo Stock Exchange.
The bank acquired 852,487 shares in the offer, exceeding the minimum acceptance level required to complete the transaction.
Settlement is set to begin on April 28, when Career Bank will formally be consolidated.
North Pacific Bank plans to pursue procedures to make Career Bank a wholly owned unit and delist its shares from the Sapporo exchange. The acquisition cost totaled about 1.5 billion yen.