Unison, one of the leading Japanese private equity firms, will make a tender offer for at least 33.4% of Aderans Holding Co. according to the Nikkei newspaper. The tender offer premium is expected to be around 30% over the average of share prices for the last 3 months.
Currently, the largest shareholder of the troubled wigmaker is Steel Partners, a US activist fund, with a 27% stake. Steel Partner is requesting a replacement of all current board members. By playing a role of white knight, Unison aims to rebuild the company's operation with its turnaround expertise. A fierce proxy fight could occur between the two funds unless a previous understanding had already been reached.
April 16, 2009
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