Nissin Food Products Co. announced Wednesday it will launch a public tender offer for Myojo Foods Co. to help the rival instant-noodle maker stop a hostile takeover by a U.S. investment fund.
Myojo had been looking for a white knight after Steel Partners Japan Strategic Fund announced last month it would launch a public tender offer of 700 yen per share for all of Myojo's outstanding shares. Myojo's board of directors approved Nissin's takeover bid earlier in the day.
The focus is now on how Steel Partners will react -- whether it will raise the current offering price of 700 yen or accept the public tender offer by industry leader Nissin.