ジャパネットホールディングス withdrew its tender offer (TOB) for ツインバード. The move followed ツインバード’s announcement on 31 August that it opposed the offer, bringing the outcome of the TOB and the potential flashpoints ahead back into focus.
Major direct-mail retailer ジャパネットホールディングス announced on 2 September that it would withdraw its TOB for small-appliance manufacturer ツインバード. The TOB, launched in June at ¥800 per share, was intended to make ツインバード a wholly owned subsidiary, but was subject to ツインバード’s consent.
ツインバード announced its opposition on 31 August, prompting ジャパネット to withdraw the proposal. Potential dis-synergies were among the reasons cited for the opposition, and the outcome appears to have been influenced by the strictness of the conditions attached to the TOB.
The views disclosed in the announcement of the TOB withdrawal included points that could become a flashpoint for listed owner-run companies, and the announcement is being interpreted as indicating that pressure on ツインバード’s management, particularly the Nomizu family, could intensify.
The Diamond editorial department plans to explain the full hierarchy of owner-run companies together with activist trends in a special feature, and this case is expected to reignite market interest in acquisition deals involving listed owner-run companies.