Sony says to turn So-net into wholly owned unit

Reuters News
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Posted: Aug 09, 2012 2:27 AM
Sony says to turn So-net into wholly owned unit

TOKYO (Reuters) - Sony Corp said on Thursday it plans to buy all the shares it does not already own in So-net Entertainment, an internet provider and medical information website operator, for about 60 billion yen ($765.70 million).

The Japanese consumer electronics giant, which owns 58 percent of So-net directly or through subsidiaries, plans to make a tender offer bid beginning Friday through September 20 for the remaining shares and turn it into a wholly owned unit, it said in a statement.

($1 = 78.3600 Japanese yen)

(Reporting by Tim Kelly; Editing by Chang-Ran Kim)