Data warehousing and automated teller machine company, NCR Corp plans to buy back the 30% share of its Japanese subsidiary that it does not already own in a deal valued at $306m. The Dayton, Ohio corporation’s NCR Japan Ltd subsidiary, is its biggest source of revenue behind its US dealings. The company yesterday started offering $4.63 per share for the 66 million shares of NCR Japan, that it doesn’t already own. The tender offer will expire on June 3, unless it is extended. NCR Japan generated $891m in revenues in 1997 and the US company believes there is massive opportunity for NCR to build on its data warehouse and self service and store automation systems in Japan. The company is also embarking on a $200m share repurchase program in the US, and NCR claims both procedures will enhance shareholder value. Stock repurchases can be made in the open market or through privately negotiated transactions over the coming year. NCR has been turning in a loss for some time now, but last week surprised analysts when it posted a break even performance for its first fiscal quarter, compared to the expected $0.05 loss per share (CI No 3,390).
