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Yahoo Japan Offers To Buy Zozo For $3.70 Bln

Yahoo Japan, a subsidiary of tech and investment conglomerate Softbank, has offered to buy 50.1% stake in Japan's largest online fashion retailer Zozo for 400 billion yen or $3.70 billion.

As part of the deal, Zozo's billionaire founder Yusaku Maezawa agreed to sell a stake of around 30% to Yahoo Japan and will step down as chief executive officer of Zozo.

Yahoo Japan's offer of 2,620 yen per Zozo share represents a premium of around 21% compared to Wednesday's closing price. Zozo's market capitalization stood at about 675 billion yen as of Wednesday.

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