Japanese noodle maker evades clutches of US hedge fund

0 Comments | AFP, November, 2006

TOKYO (AFP) — Japanese noodle maker Myojo Foods has said that it has successfully evaded a hostile takeover attempt by a US hedge fund thanks to a 'white knight' counterbid from industry giant Nissin Food Products. The tender offer by Steel Partners Japan Strategic Fund, the Japanese arm of the US hedge fund, ended unsuccessfully after shareholders shunned the 700 yen per share bid, Myojo said.

"The number of shares offered or purchased by Steel Partners' tender offer was zero," said Myojo in its statement. The noodle maker urged its stakeholders to accept Nissin's offer of 870 yen per Myojo share that will close on December 14, saying a business and capital tie-up between the firms would boost shareholder value. Nissin, which introduced instant noodles in Japan in 1958 and...