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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Maeda Corporation    1824   JP3861200008

MAEDA CORPORATION

(1824)
  Report
End-of-day quote. End-of-day quote Tokyo Stock Exchange - 06/04
858 JPY   -0.81%
05/19MAEDA CORPORATION : annual earnings release
03/30MAEDA CORPORATION : Ex-dividend day for final dividend
FA
01/29Japan's Maeda Road seeks white knight to thwart hostile takeover
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Japan's Maeda Road seeks white knight to thwart hostile takeover

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01/29/2020 | 05:07am EDT

Maeda Road Construction has been talking to potential white knights to try to thwart a hostile takeover offer from its biggest shareholder, the Japanese roadbuilder told Reuters on Wednesday.

Japanese construction firm Maeda Corp, which owns 24.68% of the roadbuilder, made an offer last week to boost its stake to 51%, which Maeda Road rejected on Friday.

"We have been in touch with potential bidders which are mostly private equity firms," said President Ryozo Imaeda. "A white knight is one of the options that we are considering."

Hostile takeovers have been rare in Japan as they were considered culturally taboo but they are slowly gaining acceptance as shareholders demand higher returns in a sluggish domestic market.

Last year, little-known Japanese hotelier Unizo Holdings Co attracted interest from U.S. private equity firm Blackstone and activist investor Elliott Asset Management, among others, after travel agent H.I.S Co launched a hostile bid.

Maeda Road shares surged to 3,835 yen after the bid from 2,633 yen before but have since drifted lower to close at 3,620 yen on Wednesday - still 37% higher than the pre-offer price.

Maeda Corp's offer of 3,950 yen a share, which runs until March 4, values the company's equity at 325.6 billion yen ($3 billion).

The bid appears to have come out of long-running discussions between the two firms about Maeda Corp's stake. Minutes before the hostile bid on Jan. 20, Maeda Road announced it had offered to buy out its biggest shareholder but did not name a price.

Imaeda told Reuters that protecting employees was a key condition in its search for a white knight and that he did not want a potential owner to sell company assets either.

Imaeda, who has been at the company for 43 years, also highlighted strategic differences between the two Maedas.

Maeda Corp, which makes most of its money in construction and civil engineering, is seeking to diversify into other areas such as operating highways through a government concession.

Maeda Road, meanwhile, remained focused on its core business, Imaeda said.

"If we become their consolidated unit, they can force us to do anything they want," said Imaeda.

A Maeda Corp spokesman said the company wanted to continue discussions with Maeda Road on how they could try to boost corporate value together.

By Junko Fujita and Ritsuko Shimizu

Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED 1.05% 48.2 End-of-day quote.24.07%
H.I.S. CO., LTD. -4.37% 1970 End-of-day quote.-37.16%
KNIGHTS GROUP HOLDINGS PLC 0.41% 371.5 Delayed Quote.8.94%
LETS HOLDINGS GROUP CO., LTD. 0.59% 11.92 End-of-day quote.97.35%
MAEDA CORPORATION -0.81% 858 End-of-day quote.-19.74%
MAEDA ROAD CONSTRUCTION CO., LTD. 1.47% 2140 End-of-day quote.-19.97%
SHIMIZU CORPORATION -0.32% 925 End-of-day quote.-17.11%
THE BLACKSTONE GROUP INC. -1.20% 58.49 Delayed Quote.4.56%
UNIZO HOLDINGS COMPANY, LIMITED -0.17% 5980 End-of-day quote.16.80%
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Latest news on MAEDA CORPORATION
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More news
Financials
Sales 2020 479 B 4 385 M 4 385 M
Net income 2020 25 331 M 232 M 232 M
Net Debt 2020 19 888 M 182 M 182 M
P/E ratio 2020 6,29x
Yield 2020 2,43%
Capitalization 159 B 1 458 M 1 456 M
EV / Sales 2019
EV / Sales 2020 0,37x
Nbr of Employees 4 224
Free-Float 69,9%
Chart MAEDA CORPORATION
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Technical analysis trends MAEDA CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 1 133,00 JPY
Last Close Price 858,00 JPY
Spread / Highest target 49,2%
Spread / Average Target 32,1%
Spread / Lowest Target 14,8%
EPS Revisions
Managers
NameTitle
Soji Maeda Executive President & Representative Director
Satoru Tahara Executive Officer & Finance Manager
Naoya Okawa Director, Head-CSV & Technology
Kazunari Kibe Director & Managing Executive Officer
Yasuhiko Imaizumi Director & Senior Managing Executive Officer
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