The Tokyo District Court ruled on the 23rd that the 800 yen per share tender offer price in the management buyout of food service operator Shidax was not fair, and determined 950 yen to be the fair price. Hong Kong-based investment fund Oasis Management had opposed the share consolidation following the tender offer and petitioned the Tokyo District Court for a share price determination under the Companies Act. This marks the second case, following the FamilyMart MBO, where the fairness of a transaction has been denied.
Itochu CorporationCourt rules fair price at 950 yen, above tender offer price of 800 yen, benefiting shareholders