Japan's major newspapers to buy stake in ailing printing presses maker
26/02/2022 24:54
TOKYO, Feb 26 (Reuters) - Six major Japanese newspaper
companies said on Friday they will buy a third of Tokyo Kikai
Seisakusho Ltd 6335.T to salvage the country's top maker of
newspaper printing presses from a prolonged fight with an
unwelcome shareholder over control.
A group company of the Yomiuri Shimbun, one of the world's
largest newspapers by circulation, and five others will pay a
total of 2.2 billion yen ($19 million) to buy 32% of Tokyo Kikai
from top shareholder Asia Development Capital (ADC) 9318.T .
The 106-year-old maker has been engaged in a closely watched
battle with ADC, which owns about 40% of the company. It won
supreme court approval last year for a "poison pill" takeover
defence against the investment firm. urn:newsml:reuters.com:*:nL1N2RL0LE urn:newsml:reuters.com:*:nL4N2RV387
($1 = 115.5600 yen)
(Reporting by Makiko Yamazaki; Editing by Sandra Maler)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))