Descente Pres. Likely to Step Down after Successful Hostile Bid by Itochu
Newsfrom JapanEconomy Society
Osaka, March 18 (Jiji Press)--Masatoshi Ishimoto, president of sports goods maker Descente Ltd. <8114>, is likely to step down, after trading house Itochu Corp. <8001> successfully completed its hostile tender offer for Descente, according to informed sources.
Itochu demanded a change of Descente's management when senior officials of the two Japanese companies met in Osaka, western Japan, on Sunday to have their first talks since the completion of the tender offer, which was announced on Friday.
At the meeting, the officials exchanged opinions about the composition of Descente's management team and other issues.
While the likelihood of Ishimoto's resignation increased, the officials remained apart on the board composition and failed to reach a conclusion, the sources said.
Currently, the Descente board has 10 directors--six from the company, two from Itochu and two outsiders.
[Copyright The Jiji Press, Ltd.]