Japanese stationery and office furniture group Kokuyo has failed in its attempt to acquire a majority stake in Pentel after the writing instruments manufacturer's shareholders decided to support a rival bid by stationery group Plus Corporation. Last November, Kokuyo launched a tender offer for Pentel's shares as it aimed to make the pen maker a fully consolidated subsidiary. Kokuyo had already become Pentel's largest shareholder in May 2019 after acquiring a stake of almost 38%, but made its hostile bid for a majority holding after strategic discussions between the two companies' management teams broke down.
展开▼
