Digico offers to buy major stake in Verite Co. Ltd.

Digico Holdings Ltd. has announced its intent to buy out a major stake in Japanese jewellery chain Verite Co. Ltd. It is considering the option of either purchasing a minimum of 50.1% stake, and a maximum of 57.4%. The total deal is proposed for around 3.12 billion yen ($30.8 million), as Digico has offered to buy each share at a premium of 29% over the average closing share price for the past month, valuing each share for 220 yen. It has to make its decision by the last date of the proposal, decided as May 27.

Digico is the holding company for Belgium-based Digico N.V. It’s affiliates are Gitanjali Gems Ltd. and Diminco Damas Diamonds Manufacturing Co. DMCC. The Verite’s board has welcomed Digico’s proposal.