FUTATAFouled Up Time and Time Again (polite form)
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At their extraordinary meetings, the shareholders voted for the plan to swap one Konaka share for 2.3 Futata shares.
The extraordinary meeting of shareholders held in Fukuoka approved a plan to swap the firms' stocks at a ratio of 1 Konaka share to 2.3 Futata shares.
Futata, listed on the Osaka Securities Exchange's second section, was unchanged at 720 yen.
Futata, listed on the Osaka Securities Exchange's second section, also fell, ending the day at 716, down 4 yen.
Futata said its board decided in a meeting Friday to become a wholly owned subsidiary of Konaka, based on the analysis of the two proposals by its financial adviser Sumitomo Mitsui Banking Corp.
Sumitomo Mitsui Banking Corp., a financial adviser to the Fukuoka-based retail chain operator, supported a buyout proposal for Futata by Konaka over a takeover offer by Aoki, sources familiar with the matter said.
Konaka offers to swap 1 own share for 2.3 Futata shares
Aoki president faults Konaka merger proposal for Futata
Futata founder says 'future prospects' key, calls Aoki 'innovative'
Futata has told Aoki that it will now respond by Friday on whether it will agree to the merger request, Futata officials said.
Futata, based in Fukuoka, will respond by Friday whether it will agree to or turn down the merger request, it said.
Futata Managing Director Nobuo Baba spoke at a press conference earlier in the day, saying, ''We will make an announcement this evening about whether we will delay our response.''