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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toshiba Machine Co., Ltd.    6104   JP3592600005

TOSHIBA MACHINE CO., LTD.

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Japan activist investor Murakami makes hostile bid for ex-Toshiba unit

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01/21/2020 | 02:39am EST
FILE PHOTO: A logo of Toshiba is seen on a printed circuit board in this photo illustration taken in Tokyo

Japan's most prominent activist investor launched an up to $235 million hostile bid on Tuesday for control of Toshiba Machine Co Ltd, ignoring a threat by the former Toshiba Corp unit to implement defence measures against a takeover.

Hostile bids are rare in Japan but have been increasing as the government promotes corporate governance reform to make management more accountable to investors.

City Index Eleventh Co, a fund backed by veteran activist investor Yoshiaki Murakami, said it would offer 3,456 yen per Toshiba Machine share to buy up to 43.82% of the molding machine maker, spending up to 25.9 billion yen ($235 million).

The offer price represents an 11% premium over Toshiba Machine's close on Friday, when the company announced that the Murakami fund intended to make a takeover bid. The shares plunged 10% on Tuesday after soaring 19% on Monday.

The fund said the current management has not fully worked to raise shareholder value, pointing out that Toshiba Machine's recent decision to tender its stake in NuFlare Technology to Toshiba was not the best option to maximise returns.

Poison pill

Toshiba Machine said late on Friday said it could adopt poison-pill measures to fend off acquisition attempts by diluting the holdings of unwanted suitors.

It added that the planned takeover bid could potentially hurt the maximisation of its corporate value and shareholders' interests.

A Toshiba Machine spokesman said on Tuesday the firm is examining the tender offer.

City Index Eleventh said in a statement the planned poison pill measures, to be implemented without shareholders' approval, are for management's self-protection and buck corporate governance progress in Japan.

Murakami-related funds currently hold a combined 12.75% stake in Toshiba Machine.

A former bureaucrat, Murakami famously led a fund targeting Japanese companies and pushing for greater shareholder returns until he was convicted of insider trading in 2007. He has since resurfaced as an investor, working with his daughter.

Murakami's typical strategy is to build up a stake in undervalued companies with assets and ask for higher returns to shareholders. Murakami's funds blocked a buyout attempt last year by U.S. investment fund Bain Capital of a small printing firm Kosaido Co by making a counter bid with a higher price.

Toshiba Corp holds less than 3% of Toshiba Machine, having sold the bulk of its stake during a management crisis in 2017.

By Makiko Yamazaki and Junko Fujita

Stocks mentioned in the article
ChangeLast1st jan.
KOSAIDO CO., LTD. 8.06% 939 End-of-day quote.6.83%
NUFLARE TECHNOLOGY, INC. 0.08% 11870 End-of-day quote.0.00%
TOSHIBA CORPORATION -1.07% 3250 End-of-day quote.-1.07%
TOSHIBA MACHINE CO., LTD. 0.63% 3200 End-of-day quote.-0.31%
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Financials (JPY)
Sales 2020 114 B
EBIT 2020 2 900 M
Net income 2020 6 800 M
Debt 2020 -
Yield 2020 2,66%
P/E ratio 2020 11,4x
P/E ratio 2021 -85,8x
Capi. / Sales2020 0,68x
Capi. / Sales2021 0,80x
Capitalization 77 233 M
Chart TOSHIBA MACHINE CO., LTD.
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Technical analysis trends TOSHIBA MACHINE CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 3 130,00  JPY
Last Close Price 3 200,00  JPY
Spread / Highest target -2,19%
Spread / Average Target -2,19%
Spread / Lowest Target -2,19%
EPS Revisions
Managers
NameTitle
Yukio Iimura Chairman & Chief Executive Officer
Takahiro Mikami President, COO & Representative Director
Akiyoshi Kobayashi Director, GM-Technology & Product
Shigetomo Sakamoto Representative Director & Executive Vice President
Yoshihiro Ogura Independent Outside Director
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