TWINBIRD hits limit-down as it opposes Japanet's TOB offer

TWINBIRD CORPORATION <6897> fell for a third straight session, briefly hitting the daily limit-down of 100 yen to 578 yen. After the market close on Aug. 31, the company announced its opposition to a takeover bid (TOB) launched by Japanet Holdings, triggering heavy selling.

TWINBIRD said closer capital ties with Japanet could lead to a suspension or reduction of transactions with major existing customers, including mass retailers, citing dissynergy risks.

Japanet announced on June 19 plans to launch a TOB at 800 yen per share to make TWINBIRD a wholly owned subsidiary. However, it stated it would withdraw the proposal if TWINBIRD formally expressed opposition or made no statement by Oct. 30. Following TWINBIRD's announcement of opposition on Aug. 31, Japanet said it would make a further announcement after reviewing its response and stance.

Separately, TWINBIRD disclosed a medium-term management plan covering the fiscal years ending Feb. 2027 through Feb. 2031, targeting sales of 11.7 billion yen and operating profit of 1.4 billion yen for the fiscal year ending Feb. 2031, compared with forecasts of 9.6 billion yen in sales and 1 billion yen in operating profit for the fiscal year ending Feb. 2027. TWINBIRD plans to improve profitability through a business portfolio redesign, and from the fiscal year ending Feb. 2029 onward, aims to accelerate expansion in its D2C operations and FPSC (Free Piston Stirling Cooler) business targeting decarbonized refrigeration.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.