Yamauchi-No.10 Family Office made an offer to acquire remaining 73% stake in Toyo Construction Co., Ltd. (TSE:1890) for ¥68.6 billion on February 15, 2023. Toyo Construction's Board of Directors established the Special Committee on February 14, 2023 to consider and evaluate the appropriateness and reasonableness of the proposal.
Yamauchi-No.10 Family Office cancelled the acquisition of remaining 73% stake in Toyo Construction Co., Ltd. (TSE:1890) on May 24, 2023. Toyo Constructions's Board of Directors received the report from the Special Committee on May 23, 2023. Based on that, on May 24, 2023, Toyo Construction's Board of Directors unanimously resolved to express an opinion of opposition to the application, citing that the tender offer price of ¥1,000 does not reflect the intrinsic value of the company.