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SoftBank, Naver to Take Line Private Through Squeeze Out

Line Corp. CEO Takeshi Idezawa Presents Full-year Earnings Figures
Photographer: Akio Kon/Bloomberg
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SoftBank Corp. and Naver Corp. said they would seek to compel Line Corp.’s remaining public shareholders to sell out so the two companies can take the messaging service private.

SoftBank and Naver made a tender offer to buy Line shares, but some investors had resisted the proposal because the 5,380 yen price was thought to be too low. The acquirers now plan to proceed with what’s known as a squeeze-out, a legal maneuver to force the last investors to part with their securities.