Morrison & Foerster's Tokyo office represented Cecile, a leading mail-order retailer, in its $175 million acquisition by Livedoor, an emerging internet service company. In the first phase of the deal, Livedoor will purchase a 25.73% interest in Cecile from its largest shareholders for $90 million. Livedoor will then purchase at least 24.4% of Cecile shares, via a tender offer for an additional $85.4 million. Cecile will also issue to Livedoor warrants to subscribe for approximately 20% of Cecile's new shares at a discount in order to help meet Cecile's future financial needs. The transaction strengthens Livedoor's online shopping business, since Cecile has a customer base of close to 15 million people.

The transaction team was led by Morrison & Foerster/Ito & Mitomi partner Ryugo Yoshimura.