Japan’s Eneos Holdings said on Saturday that a tender offer aimed at taking Nippo Corp private has succeeded with 35.86% of shareholders agreeing to sell their stake in the Japanese roadbuilder.
Oil refiner Eneos owns 57% of Nippo, a 114-year old Tokyo-based company. The tender offer was for the remaining 43% of the company that Eneos does not already own.
Some minority shareholders had been opposed to the tender offer, saying it valued Nippo too low.
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