In today’s briefing:
- Itochu Buying Descente (8114) – ANTA Selldown Offset Or Creeping Takeover?
Itochu Buying Descente (8114) – ANTA Selldown Offset Or Creeping Takeover?
- Four years after Itochu got to 40.0% of votes in Descente (8114) in a hostile Tender Offer, Descente partner ANTA, which supported Itochu at the time started selling its stake.
- A few months later, Itochu started buying shares of Descente in the market. As of 7 Sep, Itochu had bought Descente shares 81 days straight (9.7% of ADV).
- This begs the question: Is Itochu ensuring they maintain voting control as ANTA sells? Or are they buying to lift their stake prior to another bid?
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