Kokuyo's Bid for Pentel Ends in Failure
Tokyo, Dec. 13 (Jiji Press)--Japanese stationery maker Pentel Co. has successfully blocked an unwanted bid from industry leader Kokuyo Co. <7984>, its largest shareholder.
Pentel said Friday that more than 50 pct of its total outstanding shares are now in the hands of parties against Kokuyo's bid to buy the company, including a Pentel employee shareholder association and industry peer Plus Corp.
Kokuyo, which has purchased more shares in Pentel to make it a subsidiary, failed to secure a majority stake in the target company. To fend off Kokuyo's bid, Pentel has asked Plus for a capital partnership.
As of Friday, some 200 Pentel shareholders, including client companies, together accounting for some 30 pct of the firm's total outstanding shares, have offered to sell their stakes in a friendly bid by Plus.
The combined equity stake held by these shareholders and other shareholders friendly to Pentel, including the employee association, as well as Plus, totals well over 50 pct, according to Pentel.
[Copyright The Jiji Press, Ltd.]