MaxValu Tohoku Co.,Ltd. (TSE:2655) entered into a merger contract to acquire MaxValu Kitatohoku Co., Ltd. from Aeon Co., Ltd. (TSE:8267) for ¥1.1 billion in stock on November 7, 2013. MaxValu Tohoku will issue 1.12 million new shares to Aeon Co., Ltd. for 8,000 shares of MaxValu Kitatohoku by an exchange ratio of 140. Post transaction, MaxValu Kitatohoku will be dissolved.

MaxValu Kitatohoku reported net assets of ¥464 million, total assets of ¥2.01 billion, revenue of ¥12.14 billion, operating loss of ¥52 million and net loss of ¥54 million for year ended February 2013. The transaction was resolved by Board of Directors of MaxValu Tohoku and MaxValu Kitatohoku on November 7, 2013. The temporary shareholder's meeting of MaxValu Kitatohoku Co will be held in mid December 2013.

The transaction is expected to be completed on March 1, 2014. Yamada FAS Co., Ltd. acted as appraiser for MaxValu Tohoku and MaxValu Kitatohoku. Yodoyabashi & Yamagami Legal Professional Corporation acted as legal advisor for MaxValu Tohoku.