JAPAN: Myojo fends off US hedge fund's hostile bid
Japanese instant noodle maker Myojo is fighting off a hostile takeover from a US investment company by agreeing a tie-up with domestic rival Nissin Food Products.
Hedge fund manager Steel Partners has a 23.1% stake in Myojo and recently announced a tender offer for remaining shares in the company.
Following Myojo's refusal Japan's biggest noodle maker stepped in with an offer to better Steel's offer by 14% with the aim of acquiring a 33.4% stake in Myojo. The tender will cost Nissin JPY12.73bn (US$1.09m) and give their combined forces 50% of Japan's instant noodle market worth trillions of yen.
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