J Trust, the Japanese financial services firm five percent owned by Goldman Sachs, has made an offer to purchase Atlus parent company Index, currently up for grabs.
The company, according to Bloomberg, aims to use cash raised through a record rights offering to fund takeover bids, including Index, as part of a client-boosting strategy. During an interview, J Trust CEO Nobuyoshi Fujisawa said the company can spend as much as 130 billion yen (approx. $1.3 billion) in cash on buyouts without seeking external financing.
Purchasing a bankrupt company wouldn’t be new to J Trust. The firm purchased failed consumer lenders Lopro Corp. in 2010 and Takefuji Corp. in 2012.
As reported last week, about 20 buyers, including Sega Sammy Holdings, have shown interest in purchasing the Persona and Shin Megami Tensei developer’s parent, and Index aims to reach a sales agreement by the end of August. Offers to purchase the company have reached 20 billion yen, Bloomberg said.