Japan activist investor Murakami eyes takeover of former Toshiba unit

Industry:    2020-01-18

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.

print
Source: