ジャパネットホールディングス launched a tender offer for ツインバード, aiming to make it a wholly owned subsidiary, but withdrew the proposal after ツインバード opposed it. Dialogue over the two companies’ structures as owner-controlled companies came to the fore.
In June, ジャパネットホールディングス announced that it would launch a tender offer for ツインバード at ¥800 per share, aiming to acquire the company and make it a wholly owned subsidiary. The offer terms represented approximately twice the share price at the time.
ツインバード considered the merits of the proposal and expressed opposition, citing the possibility that ジャパネットホールディングス’ acquisition could create dis-synergies with its existing business and transactions with home appliance retailers and others. As a result, the acquisition proposal was withdrawn on the grounds that ツインバード’s consent could not be obtained.
Both companies are owner-controlled companies governed by their founding families. For ツインバード’s founding family, the central issue was whether to give up the family business. At the same time, debate also emerged over the benefits for shareholders, creating a situation in which the broader issue of corporate ownership structures was called into question.