Japanese stationery maker Kokuyo to launch unsolicited takeover bid of Pentel
15/11/2019 08:30
TOKYO, Nov 15 (Reuters) - Japanese stationery supplies maker
Kokuyo Co Ltd 7984.T said on Friday it aimed to take a
majority stake in Pentel through a tender offer, stepping up an
aggressive move on a rival in a country where hostile takeovers
are uncommon.
Kokuyo, despite Pentel resistance, took a 37% stake in
Pentel earlier this year with the help of a third-party fund,
Mercuria Investment Co Ltd 7190.T .
Such a move is rare in a country where deals tend to be
driven by consensus. But a push for better corporate governance
and a shrinking domestic market have recently spurred some
hostile bids including trading house Itochu Corp's 8001.T
successful takeover of sportswear maker Descente.
Kokuyo said the combined company would be better positioned
to compete domestically and to expand globally. It was prepared
to spend over 3.842 billion yen ($35.22 million) to buy the
unlisted shares, it said.
A Pentel spokeswoman said the company's position was not yet
decided.
"It was an unexpected announcement, and we are currently
examining the contents and considering," she said.
($1 = 109.1000 yen)
(Reporting by Ritsuko Ando; Editing by Mark Potter)
((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))