Itochu's Hostile Tender Offer for Descente Likely Successful
Tokyo, March 14 (Jiji Press)--Japanese trading house Itochu Corp. <8001> likely completed in success its hostile tender offer for sports goods maker Descente Ltd. <8114> on Thursday.
The top shareholder of Descente set no minimum number of shares to acquire through the bid aimed at obtaining veto power by securing a stake of more than one-third.
Itochu will demand a management team renewal by increasing its stake to up to 40 pct from 30.44 pct, the level before the bid opened on Jan. 31.
To realize an early management reshuffle, Itochu will consider asking for an extraordinary meeting of Descente shareholders before the planned June regular meeting.
The Descente management, led by President Masatoshi Ishimoto, is at odds with Itochu over how to strengthen Descente's domestic business.
[Copyright The Jiji Press, Ltd.]