Property developer Mitsui Fudosan Co. said Friday it will acquire Tokyo Dome Corp. through a 120.52 billion yen ($1.16 billion) tender offer to help the operator of a major indoor ballpark in Japan fend off growing pressure from a Hong Kong-based fund.

The plan came as Tokyo Dome, which also runs an amusement park and a hotel next to the stadium, the home ground of professional baseball team Yomiuri Giants, has faced calls from activist investor Oasis Management Co. for a management change to improve its business and Mitsui Fudosan emerged as a white knight.

File photo taken in May 2015 shows Tokyo Dome in the Japanese capital. (Kyodo) ==Kyodo

Offering 1,300 yen per Tokyo Dome share, or a 44.93 percent premium on the closing price Thursday in the friendly tender offer from Monday to Jan. 18, 2021, Mitsui Fudosan will try to redevelop the popular leisure spot in the capital.

Tokyo Dome shares ended Friday at 1,047 yen. The Japanese property developer said it will first make Tokyo Dome a wholly owned subsidiary and The Yomiuri Shimbun Holdings will then hold a 20 percent stake in the company.

The stadium of the baseball team, which belongs to the Yomiuri Shimbun group, has a maximum capacity of 55,000 and is also used for other sporting events and concerts.

Mitsui Fudosan, known for operating commercial complexes such as outlet malls, hopes to use its expertise and create synergies.

After failing to hold a dialogue, Oasis Management, which owned a 9.61 percent stake as of January, is seeking to remove Tokyo Dome President Tsutomu Nagaoka and two directors to improve the ballpark and hotel operator's business.

Tokyo Dome has rejected the proposal made in October and is planning to hold an extraordinary shareholder meeting on Dec. 17 to take up the issue.

Tokyo Dome has been hit by event cancellations and postponements amid the coronavirus pandemic, with the Japanese government limiting the number of spectators at big sporting and other events.

The company reported a net loss of 9.82 billion yen in the first half of this business year from February to July, which compares with a 4.69 billion yen profit a year earlier.