U.S. hedge fund Steel Partners said on Thursday that only 2.6 percent of shareholders in Japan's Tenryu Saw Manufacturing Co. Ltd. (5945.Q: Quote, Profile, Research) accepted the fund's offer to buy their shares.
The fund had made a tender offer for all of the circular saw maker, but the small number of acceptances means its holding will increase to 11.18 percent from 8.61 percent of the common stock.
Unsolicited tender offers are rare in Japan as the large number of shares owned in companies by creditor banks and business partners makes such an undertaking extremely difficult.
Steel Partners, Tenryu's largest shareholder, offered 4,945 yen for each of the common shares it did not already own. Tenryu Saw shares closed at 4,940 yen on Wednesday when the bid expired.
Steel Partners intends to keep its 9.04 percent share of voting shares in the company and buy all the shares tendered. Its stock with voting rights will rise to 11.73 percent.
"We are pleased that shareholders were allowed to decide for themselves whether or not to tender their shares," said the fund's manager, Warren Lichtenstein.
The fund is seen as one of the leading exponents of shareholder rights in a country where activism is frowned upon by large tracts of the establishment.
The fund has also made a tender offer for sauce maker Bull-Dog (2804.T: Quote, Profile, Research) which expires on August 10.
source:www.reuters.com
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