Japan’s Toshiba Machine Co said on Friday a fund backed by veteran activist investor Yoshiaki Murakami planned a takeover bid for the former Toshiba Corp subsidiary.
Office Support Co, backed by Japan’s most prominent activist shareholder, plans to launch a tender offer for Toshiba Machine on Tuesday, according to the molding machine maker.
Should the bid become hostile, it would be a relatively uncommon occurrence in Japan, where such a move is seen as taboo with many companies shielded by cross-shareholdings.
Toshiba Machine said in a statement that the planned takeover could potentially disturb the company’s effort to maximise its corporate value and the interest of other shareholders.
Office Support and other related funds currently hold a combined 11.49% of Toshiba Machine’s total voting rights, Toshiba Machine said.
Source: Reuters.com