Yumeshin Holdings Co. launched a hostile takeover bid Wednesday for Japan Engineering Consultants Co., cutting its per-share bidding price to 110 yen to compensate for a 5-for-1 stock split to be made during the tender offer period.
There are no clear rules on carrying out a stock split during a public tender offer, and experts said the battle between the two construction management firms could influence future rules on corporate takeover defenses.
Yumeshin, which drafts designs of construction projects, is listed on the Osaka Securities Exchange's Hercules market. Japan Engineering, which offers construction consultations, including environmental impact reports, is listed on the Jasdaq Securities Exchange.