2 MIN. DE LECTURA
* Grainger to increase stake to 53 pct from 38 pct
* To invest $4 million through a tender offer
Grainger, which currently has a 38 percent stake in the company, said it will initiate a tender offer bid process for 380,000 shares of MonotaRO in August.
MonotaRO, which had 2008 revenue of $136 million, was set up as a joint venture between Grainger and Sumitomo Corp (8053.T) in 2000 to supply maintenance, repair and operating supplies in Japan.
Grainger will start the tender offer bid for 380,000 shares of MonotaRO at a price of JPY 1,010 per common share. It also has an agreement with Sumitomo which will commit another 380,000 shares.
Shares of Grainger were down 51 cents at $81.89 Friday on the New York Stock Exchange.
Reporting by A.Ananthalakshmi in Bangalore; Editing by Kavita Chandran email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org