TWINBIRD shares tumble sharply as Japanet withdraws TOB proposal
TWINBIRD CORPORATION <6897> shares fell sharply after Japanet Holdings, a major mail-order retailer, announced on the 2nd that it is withdrawing its tender offer for TWINBIRD.
Japanet proposed a purchase price of 800 yen a share, but TWINBIRD formally opposed the offer on the 31st. As Japanet set TWINBIRD's approval as a precondition for the offer, the company decided to withdraw its proposal.
TWINBIRD shares initially gained momentum after it emerged on the 1st that Hiroyuki Maki, president of BUFFALO INC. <6676>, disclosed a large stake in TWINBIRD. However, the withdrawal of Japanet's tender offer triggered renewed selling in the stock.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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