Anime hero toys with Japan’s robotic governance

Bandai Namco Holdings

22/11/2019 09:00

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
    By Jeffrey Goldfarb
    HONG KONG, Nov 22 (Reuters Breakingviews) - Bandai Namco,
the $14 bln creator of Pac-Man, wants to buy the rest of Sotsu,
the company behind the iconic Gundam empire. A Chicago-based
investor has flown in to fight a flawed deal unfair to minority
shareholders. It may, however, take regulators to save the day.
    Full view will be published shortly.
    On Twitter https://twitter.com/jgfarb
    
    CONTEXT NEWS
    - RMB Capital said on Nov. 18 that Japanese action-figure
and video-game company Bandai Namco should increase its offer to
buy the rest of Sotsu to at least 4,600 yen ($42.35) a share
from 3,100 yen and change the parameters of its bid to secure at
least 90% of the shares before squeezing out minority owners.
    - The Chicago-based investment firm, which owns less than 5%
of Sotsu, on Nov. 5 voiced opposition to the takeover proposal
because of lack of disclosure and what it said were violations
of Japanese buyout and merger guidelines.
    - Bandai Namco on Oct. 9 announced the terms of its tender
offer, which ends on Nov. 25. The company holds a 22.8% stake in
Sotsu, while the founding family owns 49.2%.
    - For previous columns by the author, Reuters customers can
click on  GOLDFARB/  
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe


($1 = 108.6300 yen)

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Bandai Namco tender offer    https://www.bandainamco.co.jp/files/HPE5B7AEE38197E69BBFE38188E38397E383ACE382B9E383AA.pdf
RMB statement    https://www.businesswire.com/news/home/20191118005910/en/RMB-Presses-Bandai-Namco-Raise-Tender-Offer
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Robyn Mak and Katrina Hamlin)
 ((jeffrey.goldfarb@thomsonreuters.com; Reuters Messaging:
jeffrey.goldfarb.thomsonreuters.com@reuters.net))