Commencement of Tender Offer by a Consolidated Subsidiary (SoftBank Mobile Corp.)
SoftBank Mobile Corp. (“SoftBank Mobile”), a consolidated subsidiary of SoftBank Corp., has resolved at its board of directors meeting on March 25, 2013, to acquire by tender offer (the “Tender Offer”) the ordinary shares of GungHo Online Entertainment, Inc. (JASDAQ Standard, code 3765, “GungHo Online Entertainment”), which is an affiliate of SoftBank Corp. accounted for under the equity method. Please see the attached notice (https://group.softbank/en/corp/group/sbm/news/press/2013/20130325_02/) for further details.
1. Outline of SoftBank Mobile
| (1) Address | 1-9-1 Higashi-Shimbashi Minato-ku, Tokyo |
|---|---|
| (2) Name and title of the representative | Masayoshi Son, chairman and CEO |
| (3) Business description | Provision of mobile communication service Business related to mobile communication service including sales of mobile devices |
| (4) Paid-in Capital | JPY 177,251 million |
2. Future Prospects
As announced in a separate notice (https://group.softbank/en/corp/group/sbm/news/press/2013/20130325_02/) “1. Purpose, etc., of the Purchase, etc., Overview of the Tender Offer” as of April 1, 2013 GungHo Online Entertainment is to become a consolidated subsidiary of SoftBank Corp. A separate press release will be issued regarding this matter.
SoftBank Corp. has decided to apply the International Financial Reporting Standards (IFRS) from the first quarter of the fiscal year ending March 31, 2014. As a result of GungHo Online Entertainment becoming a consolidated subsidiary, SoftBank Corp. will re-measure the fair value of the existing shares held. The impact of this on SoftBank Corp.'s consolidated statement of income for the first quarter of fiscal year ending March 2014 is expected to be a gain of approximately JPY 170.0 billion*.
- * provisional calculation based on the closing price of GungHo Online Entertainment on March 22, 2013. The actual calculation will be based on the closing price of GungHo Online Entertainment on March 29, 2013.
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