TOKYO (Reuters) – SoftBank’s Z Holdings Corp <4689.T> said on Tuesday the closure of its merger with messaging app operator Line Corp <3938.T> will be later than October as previously stated due to regulatory approval being delayed by the coronavirus outbreak.
Internet firm Z Holdings, formerly known as Yahoo Japan, said there no major issues affecting the deal, with the delay causing timing for a joint tender offer to slip beyond May to June.
SoftBank announced the deal last November – part of a wave of consolidation at internet firms in Japan combining to face down the threat from U.S. and Chinese rivals.
(Reporting by Sam Nussey; Editing by Kim Coghill)
