SoftBank's Z Holdings sees Line merger slipping beyond October
TOKYO (Reuters) - SoftBank's Z Holdings Corp <4689.T> said on Tuesday the closure of its merger with messaging app operator Line Corp <3938.T> will be later than October as previously stated due to regulatory approval being delayed by the coronavirus outbreak.
Internet firm Z Holdings, formerly known as Yahoo Japan, said there no major issues affecting the deal, with the delay causing timing for a joint tender offer to slip beyond May to June.
SoftBank announced the deal last November - part of a wave of consolidation at internet firms in Japan combining to face down the threat from U.S. and Chinese rivals.
(Reporting by Sam Nussey; Editing by Kim Coghill)
Google Inc's U.S. advertising revenue will drop 5.3% as brands pare spending during the coronavirus pandemic, according to an eMarketer report on Monday, the first decline since 2008 when the research firm began estimating the Alphabet Inc <GOOGL.O>