Nippon Steel to implement TOB for Tokyo Rope, increase shareholding ratio to 19.91%
Nippon Steel Corporation announced on January 21 that it will make a public share purchase (TOB) to Tokyo Rope Mfg.Co.,Ltd, Japan's largest wire rope company. Nippon Steel will purchase at 1,500 yen per share and invest 2.4 billion yen to increase its shareholding ratio to 19.91 percent from the current 9.91 percent. (Photo quoted from Nippon Steel’s official website)
On the TOB's reasons, Nippon Steel pointed out that despite the dysfunctional governance structure of Tokyo Rope, it has not taken effective steps to resolve it and its business performance has continued to deteriorate. On top of that, Nippon Steel said that they could not overlook this situation and that it was necessary to restore and improve the corporate value of Tokyo Rope.
(IRuniverse)
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