March 13, 2020 / 3:44 AM / a month ago

Maeda Corp says has gained control of Maeda Road Construction in tender offer

TOKYO (Reuters) - Construction firm Maeda Corp (1824.T) said on Friday it has succeeded in winning a controlling stake in Maeda Road Construction (1883.T), a victory for a rare hostile bid in Japan.

Maeda Corp said it has secured 21.8 million shares, or a 51 percent stake in Maeda Road. Maeda Corp already owned 24.68% in Maeda Road.

Maeda Road opposed Maeda Corp’s bid launched in January to increase its stake, saying Maeda Corp’s ownership would hurt its corporate value.

Reporting by Tim Kelly; Editing by Shri Navaratnam

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