Sapporo Shares Jump After Seeking Proposals for Real Estate Unit
- Company says it will seek proposals for real estate business
- Shares rise most since March 2011 in Wednesday trading
This article is for subscribers only.
Sapporo Holdings Ltd. shares surged after the Japanese brewer said it would solicit proposals for external investment in its real estate business following pressure from activist investors.
The stock rose as much as 13% Wednesday morning in Tokyo, its biggest intraday climb since March 2011. The company plans to start seeking offers for its real estate subsidiary, which runs properties including the upscale Yebisu Garden Place commercial complex, in mid-September, it said in a statement after market hours the previous day. It’s also considering asset sales or a tax-qualified spinoff, it said