Nippon Steel, the largest steel company, has made a takeover bid for TOB = shares for wire rope maker Tokyo Rope.
The shareholding ratio will increase from 9.9% to 19.9%, and Nippon Steel will request a review of its management structure in order to improve its business performance.
Nippon Steel is the largest shareholder of Tokyo Rope, a manufacturer of wire ropes used for cranes and elevators, and holds a 9.9% stake. I was trying to increase my influence.
The management of Tokyo Rope was opposed to this, and it developed into a hostile takeover bid.
According to Nippon Steel, the TOB was completed with applications that exceeded the maximum number of shares to be purchased by the 8th.
The shareholding ratio will increase to the target of 19.9%, and Nippon Steel's policy is to request a review of the management system, such as the appointment of new directors, in order to improve business performance.