In today’s briefing:
- Parent-Subsidiary Listing Strategy Expected to Be Even More Attractive
Parent-Subsidiary Listing Strategy Expected to Be Even More Attractive
- In TOB case from a parent company, managers of acquired company finally realized that there’s litigation risk from shareholders if there’s flaw in their fiduciary duty to maximize shareholder interests.
- In the past, acquisitions with negative goodwill were conducted, but a TOB at a price below book value would require plausible rationales. TSE’s request to raise P/B may have affected.
- In addition to the increasing dissolution of parent-subsidiary listings, TOBs (or sales) of equity-method affiliates are expected to increase, as in the case of Daiken Kogyo.
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