SOFTBANK announces sale of its holdings in Aozora Bank
SOFTBANK CORP. (“SOFTBANK”) decided to sell its entire equity holdings in Aozora Bank, Ltd. (Head office: Chiyoda-ku, Tokyo; President & Director Hiroshi Maruyama; “Aozora Bank”) to Cerberus NCB Acquisition, L.P. (“Cerberus”) by its board resolution on June 30, 2003.
SOFTBANK will take necessary procedures to sell its shares in Aozora Bank through a TOB initiated by Cerberus. Cerberus is required to obtain an approval for its purchase of Aozora shares in accordance with the Long- Term Credit Bank Law.
1. Outline of Sale
| (1) The total number of shares to be sold | 1,385,548,000 shares * |
|---|---|
| (2) Sale amount | 101.1 billion yen (73 yen per share) |
| (3) Purchaser | Cerberus NCB Acquisition, LP |
| (4) Schedule | SOFTBANK will tender all of its shares in a TOB by Cerberus. |
| (5) Closing date | Late August, 2003 (scheduled) |
- * SOFTBANK ownership: 48.87%
2. Sale Objective and Use of Proceeds
The proceeds from the sale will be allocated to the broadband business, which represents the core operations of the SOFTBANK group.
3. Impact of the sale on the financial results for the fiscal year ending March 31, 2004
- (1) Impact on a non-consolidated basis
- Gain on sale of investment in affiliates of approximately 50 billion yen
- (2) Impact on a consolidated basis
- Loss on sale of investment securities of approximately 3.5 billion yen
- *1 Although loss on sale of investment securities on a consolidated basis is calculated based on a book value as of March 31, 2003, eventually it will be calculated based on the amount including equity in gains/losses under the equity method in the first quarter of Aozora Bank. For example, in case of equity in gains under the equity method, the same amount of loss on sale of investment securities would be increased.
- *2 Assume sale of the entire holdings in Aozora Bank.
For your reference
Aozora Bank, Inc.
| Head office | 1-3-1, Kudan-minami, Chiyoda-ku, Tokyo |
|---|---|
| Established | April 1957 |
| Capital | 419.8 billion yen |
| Representative | Hiroshi Maruyama, President-Director |
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