Curi RMB asks Japan Aviation and NEC to cancel tender offer

NEC

21/02/2024 23:20

TOKYO, Feb 22 (Reuters) - U.S. investment advisory firm
Curi RMB Capital on Thursday said it demands that Japan Aviation
Electronics  6807.T  and its majority shareholder NEC Corp
 6701.T  cancel the ongoing tender offer and reconsider
alternative buyout offers they have received.
    Japan Aviation's current tender offer "does not represent
the best interest" of shareholders of both companies, Curi RMB
said in a statement, adding that it sees "potential conflict of
interests between the management of JAE and NEC and minority
shareholders."
    NEC had received multiple buyout offers from global private
equity funds for Japan Aviation before agreeing to sell back
much of its 51% stake to the company at a discount, sources told
Reuters earlier this month.

 (Reporting by Kantaro Komiya; Editing by Leslie Adler)
 ((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))