Japan's Mitsubishi launches takeover bid for KFC Japan

Japanese trading house Mitsubishi Corp. announced a tender offer Wednesday to boost its stake in Kentucky Fried Chicken Japan Ltd. in a deal worth up to 30.83 billion yen (US$267.72 million;¤185,38 million).
Mitsubishi, which already owns 31 percent of KFC Japan's shares, will buy outstanding shares for 1,947 yen (US$16.91;¤11.71) each about 10 percent below the stock's average closing price over the past month.