Kokuyo to Pay More to Make Pentel Subsidiary
Tokyo, Nov. 21 (Jiji Press)--Major Japanese stationery maker Kokuyo Co. <7984> has raised its purchase price for industry peer Pentel Co. to 3,750 yen a share from 3,500 yen.
Kokuyo announced the move Wednesday after finding that rival company Plus Corp. plans to buy additional Pentel shares at 3,500 yen apiece.
On Friday, Kokuyo said it aims to raise its stake in Pentel to over 50 pct from 37.80 pct to make the company a consolidated subsidiary.
Pentel has rejected Kokuyo's plan, calling it "unilateral and unacceptable."
Pentel has sent a letter to its shareholders to ask them not to sell Pentel shares to Kokuyo.
[Copyright The Jiji Press, Ltd.]