Yahoo Japan plans to buy travel site Ikyu for up to US$830m

[TOKYO] Yahoo Japan agreed to acquire the online travel site Ikyu for 3,433 yen (S$40) a share and pay as much as 100.2 billion yen.

The offer price represents a 42 per cent premium over today's closing price of 2,411 yen, Yahoo Japan said in a statement on Tuesday. Yahoo Japan plans to make the Tokyo-based company a wholly owned subsidiary.

Yahoo Japan is controlled by SoftBank Group Corp, its largest shareholder. Yahoo, the company's second-largest shareholder, has said it plans to spin off the Yahoo Japan stake along with other holdings.

Yahoo Japan will make a tender for Ikyu shares from Dec 16 until Feb 3, it said in the statement. Yahoo Japan shares have gained 15 per cent this year.

Ikyu President Masafumi Mori has agreed to sell his 41 per cent stake, while Mori Trust, the second-largest holder, will also sell its stake, according to Yahoo Japan.

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