Bain Capital Private Equity’s bid to acquire Japanese listed printing services firm Kosaido has fallen through due to insufficient support from the company’s shareholders.
Kosaido said in a regulatory filing that the number of tendered shares were only 5.4 million, lower than the minimum target of 12.45 million shares. The Japanese firm’s stock price going above Bain’s tender price of 700 yen ($6.3) was largely behind shareholder objection.
The management buyout plan was announced in January before KK BCJ-34, a wholly-owned subsidiary of Bain Capital, upped its offer from 610 yen to 700 yen per share, valuing the company at about $157 million.
However, on March 20, shareholders of Kosaido opposed the tender offer. Kosaido then announced an extension for the tender period to April 18. However, an announcement on the failure to close the deal was made on April 9.
Kosaido, whose share price closed Thursday trade at 768 yen apiece, is primarily engaged in the printing business. The company is present in five business segments such as publishing and human resources-related operations, among others.