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Yahoo Japan plans tender offer for retailer Zozo at $3.7B

TOKYO β€” Yahoo Japan Corp. says it will put up a tender offer, estimated at 400 billion yen ($3.7 billion), for Zozo Inc., a Japanese online retailer started by a celebrity tycoon.

Yahoo Japan announced the plan Thursday, which includes a business alliance with Zozo.

Zozo Chief Executive Yusaku Maezawa is known for lavish spending on artworks by Jean-Michel Basquiat, a Stradivarius violin and a future trip to the moon.

Maezawa, who owns nearly 37% of the company, will step down and sell nearly 93 million shares of his more than 112 million shares, according to the plan.

Yahoo Japan will own up to 50.1% under the tender offer, set for early October, it said.

Maezawa has drawn a great deal of attention in the relatively conservative Japanese business world.

The Associated Press