C-Stores: Lawson drops am/pm bid on store name dispute

Tokyo / JP. (li) In mid-April Lawson Inc. announced that, based on a basic agreement concluded in February, it has agreed to purchase all of the shares in and receivables from am/pm Japan Co. Ltd. from Rex Holdings Inc. (Belleair, Florida, U.S.), and had entered into a shares and receivables transfer agreement with Rex Holdings. Lawson had also entered into a comprehensive business alliance agreement with am/pm Japan, the company said in April. However, Lawson now decided to discontinue the plan of such acquisition and dissolve the business alliance. Details are as follows:

Lawson Inc. finally agreed with Rex Holdings Inc. to acquire all the shares of, and all the receivables from, its subsidiary, am/pm Japan in March and entered into an agreement to transfer such shares and receivables and an agreement for a comprehensive business alliance with am/pm Japan. In preparation of such acquisition, Lawson and am/pm Japan established a management unification committee towards unification of their business management schemes and they were continuously negotiating with the relevant parties regarding matters including an agreement between am/pm Japan and its trade mark licensor and the adjustment of certain other conditions of the acquisition. However, Lawson determined that such agreement with the trade mark licensor (which was a condition of the Acquisition) would be difficult to reach and, after discussion with Rex Holdings decided to discontinue the plan of the Acquisition and dissolve the Business Alliance. The discontinuation of the plan of the Acquisition and the dissolution of the business alliance will have minimal impact on Lawson´s results, the company said in a statement.