Japan's Fuji Soft to launch tender offer for 4 listed subsidiaries -Bloomberg News (updated)

VINX

08/11/2023 04:58

(Adds details from 3rd paragraph.)
       TOKYO, Nov 8 (Reuters) - Software developer Fuji Soft
 9749.T  is planning to announce a tender offer on Wednesday for
four listed subsidiaries in Japan, Bloomberg News reported,
citing people familiar with the matter.
    Trading was halted in Tokyo for the subsidiaries Vinx
 3784.T , Cyber Com  3852.T , Cybernet Systems  4312.T  and Fuji
Soft Service Bureau  6188.T .
    Fuji Soft holds a more than 50% stake in the companies,
according to LSEG data.
    Japanese companies have come under increasing pressure to
improve governance and capital efficiency. One practice that has
attracted heightened scrutiny is cross-shareholding, where
companies take stakes in partners to cement relationships and
avoid activist investors.
    Fuji Soft was the subject of a proxy battle last year, when
Singapore-based investment hedge fund 3D Investment Partners got
two of its nominees on the Japanese company's board.

 (Reporting by Rocky Swift; Editing by Tom Hogue and Jamie
Freed)
 ((rocky.swift@thomsonreuters.com;))