TOKYO: Japan's SoftBank plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a US$30 billion tech giant, as it bags struggling internet companies to bulk up against rivals like Rakuten.
SoftBank and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. Line's shares were up 2.6 per cent at 5,180 yen in early Tokyo trade on Monday.
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