THE family office linked to Nintendo’s founder said on Wednesday (Dec 20) it would withdraw its offer to buy out Toyo Construction as it was unable to win the marine construction firm’s agreement.

The investment firm, Yamauchi family-No 10 Family Office (YFO) is Toyo’s largest investor with a 28.51 per cent stake.

YFO offered to buy out Toyo in May 2022, amending the terms of the deal and the price to gain Toyo’s approval, but the company repeatedly pushed back against the offer.

Toyo has said that YFO’s proposals to boost its corporate value seemed inadequate and the offer price of 1,255 yen (S$11.63) per share was too low.

The YFO, which manages nearly US$1.5 billion of assets for members of Nintendo’s founding Yamauchi family, was set up in 2020 by Banjo Yamauchi. REUTERS