The Murakami Fund announced Monday it has launched a tender offer for New Japan Radio Co., challenging an ongoing friendly bid for the manufacturer of semiconductor-related products by cotton spinner Nisshinbo Industries Inc.
The investment fund led by financier Yoshiaki Murakami said it will offer 900 yen per share until Dec. 15 for New Japan Radio, which is listed on the first section of the Tokyo Stock Exchange, higher than Nisshinbo's offer of 840 yen.
The fund said its tender offer is aimed at acquiring a minimum 50.01 percent equity stake in New Japan Radio. The bid is expected to cost the fund more than 16.7 billion yen.