When you wish upon a yen

Walt Disney is to enter the Japanese software market through an innovative M&A structure that will be a first for Japan.

The US entertainment giant is to buy 50.1% of TE Soft Inc, a company that specializes in video games. However, the deal is a first for the Japanese market as it incorporates a special call option for which the strike price has not yet been determined.

What this means is that neither side knows what the final value of the deal is going to be. Disney has signalled its commitment to the company by purchasing Y5.5 billion $47.38...

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