News: Deals: Reports

Koei Net Co Ltd & KOEI Co Ltd	Update Date: 05/19/08
Date Announced: 05/13/08
Value (million $USD): 16.2 million U.S. Dollar 1.69 billion Japanese Yen

Status: Pending

TRANSACTION DETAILS
Date Announced	05/13/08
Date Originally Announced	05/13/08
Format	Acq. Rem. Int.	Acquisition techniques	Stock Swap
Attitude	Friendly	Agency	n/a
Value	16.2 million U.S. Dollar 1.69 billion Japanese Yen	Advisor Fees	n/a

SYNOPSIS

JAPAN - KOEI Co Ltd (KC), agreed to acquire the remaining 14.6% stake, which it did not already own, in KOEI NET Co Ltd (KN), a wholesaler of game software, in a stock swap transaction, valued at 1,694.619 mil Japanese yen ($16.194 mil US). KC offered 90 newly issued ordinary shares per KN share. Based on KC's closing stock price of 1,661 yen ($15.873US) on May 12 the last full trading day prior to the announcement, each KC's share was valued at 149,490 yen ($1,428.526).

TARGET
Name	Koei Net Co Ltd (Jasdaq : 2697)
Industries	n/a
City	Yokohama-Shi, Kanagawa
State	n/a
Nation	Japan
Incorporated in	n/a
Public Status	Public
Business Description	Koei Net Co Ltd is located in Kanagawa, Japan, wholesales game software and home use software and PC video games. The operations are carried through the following divisions: Home video game software; PC software; E-Business and other. The company was established in July 1992.
Advisors	PwC Advisory Co Ltd
Target Sales	172.8 million U.S. Dollar 19.29 billion Japanese Yen

ACQUIROR
Name	KOEI Co Ltd (Tokyo 1 : 9654)
Industries	n/a
City	Yokohama, Kanagawa
State	n/a
Nation	Japan
Incorporated in	n/a
Public Status	Public
Business Description	Koei Co Ltd is located in Kanagawa, Japan. The company's principal activities are to develop and manufacture home-use game software, personal computer software, mobile telephone games and compact discs. The company's is also involved in the distribution of bought-in software and publishing computer-related literature. The operations are carried out through the following divisions: Game Software, Distribution, Media, Venture Capital and others. Game software business includes development and sale of game software for personal computers and video-game software for domestic use. Distribution business comprises of distribution and wholesale of game software. Media business deals in manufacturing and sale of books and CDs. Venture Capital includes venture capital related business and Others include real estate and advertising agency.
Advisors	Daiwa Securities SMBC Co Ltd
Acquiror Sales	284.0 million U.S. Dollar 31.70 billion Japanese Yen

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