On Breakingviews – It’s a super-hard road to a Japanese super app, says mak_robyn:
A Line character is seen at the Line Corp's headquarters in Tokyo, Japan June 2, 2016. REUTERS/Toru Hanai
Masayoshi Son’s $66 billion telecoms operator, SoftBank Corp, confirmed plans on Monday to unite the internet arm it controls with the country’s top chat app. The market values of both Z Holdings, formerly known as Yahoo Japan, and Tokyo-listed Line, which Naver controls, jumped by around 10% when news of a possible transaction first surfaced last week.
There is no app to handle the contortions involved in the six-step deal. First, SoftBank and Naver will have to buy out the near-28% of Line shares the South Korean parent does not already own. They are offering just a 13% premium, in cash, which values the unprofitable Line at $11.5 billion.
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