January 17, 2020 / 5:15 PM / a month ago

Japan activist investor Murakami eyes takeover of former Toshiba unit

FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba's extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) - Japan’s Toshiba Machine Co (6104.T) said on Friday a fund backed by veteran activist investor Yoshiaki Murakami planned a takeover bid for the former Toshiba Corp (6502.T) subsidiary.

Office Support Co, backed by Japan’s most prominent activist shareholder, plans to launch a tender offer for Toshiba Machine on Tuesday, according to the molding machine maker.

Should the bid become hostile, it would be a relatively uncommon occurrence in Japan, where such a move is seen as taboo with many companies shielded by cross-share holdings.

Toshiba Machine said in a statement that the planned takeover could potentially disturb the company’s effort to maximise its corporate value and the interest of other shareholders.

Office Support and other related funds currently hold a combined 11.49% of Toshiba Machine’s total voting rights, Toshiba Machine said.

Reporting by Makiko Yamazaki; Editing by Kirsten Donovan

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