Pachinko giant Dynam has withdrawn its profit forecast regarding the recent Pachinko business acquisition, saying that “there is no such expected profit in the acquisition.”
According to Tuesday’s filing, the company said that the Board had noted an “inadvertent mistake” of including information in the acquisition announcement published early this month.
The previous announcement stated that Dynam had conducted due diligence in the acquisition and expected to acquire these facilities at an appropriate acquisition price, which is “expected to result in an annual increase of net profit of more than JPY300 million ($2.14 million)”.
Although without the profit forecast regarding the purchased pachinko business, Dynam claims that the terms of the agreement are “still fair and reasonable and are in the interests of the company and the shareholders as a whole”.
Dynam acquired the pachinko business from Japanese firm Keiai for JPY3.8 billion ($27.2 million). The acquired pachinko business consists of five pachinko hall operations in Gifu Prefecture of Japan, whose net asset value was approximately JPY1.292 billion ($9.28 million), according to the report dated 31 October 2022.