Bain Capital plans to sell up to $400 million worth of shares in Japanese restaurant chain operator Skylark Co Ltd, IFR reported on Thursday, citing a term sheet of the transaction.
The private equity firm is offering 25.5 million shares of Skylark in the base offer in an indicative range of 1,629-1,663 yen per share, added IFR, a Thomson Reuters publication. The price is equivalent to a discount of up to 5.25 percent to Thursday’s closing price of 1,719 yen per share.
The deal could grow by another 1.96 million shares if underwriters exercise an upsize option to meet demand for the deal.
Bain didn’t immediately reply to a Reuters request for comment on the sale.
Bank of America Merrill Lynch, Morgan Stanley and Nomura were hired as joint bookrunners for the stake sale, the terms showed.