Japan's Maeda Corp to launch unsolicited bid to buy a road paving company [Reuters]
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Source: Reuters
Japan's Maeda Corp to launch unsolicited bid to buy a road paving company TOKYO, Jan 20 (Reuters) - Japanese construction firm Maeda Corp said on Monday it would launch an unsolicited bid to gain a controlling stake in a road paving company Maeda Road Construction Co in a deal worth 86 billion yen ($780.75 million). Maeda Road said separately that it wants to cancel a capital alliance with Maeda Corp, its top shareholder, and buy back all of its shares held by Maeda Corp. The announcement of Maeda Corp’s bid was made without official contact, Maeda Road said in a statement. “We will try to persuade Maeda Road management to agree with our plan,” Maeda Corp President Soji Maeda told at a media briefing, adding that Maeda Road has not agreed with Maeda Corp’s attempt. Unsolicited bids are uncommon in Japan, where many companies are shielded by cross-shareholdings to protect management. But a handful of companies have attempted to launch such bids lately as shareholders have become more v
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