Japan's major newspapers to buy stake in ailing printing presses maker
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[TOKYO] Six major Japanese newspaper companies said on Friday they will buy a third of Tokyo Kikai Seisakusho Ltd to salvage the country's top maker of newspaper printing presses from a prolonged fight with an unwelcome shareholder over control.
A group company of the Yomiuri Shimbun, one of the world's largest newspapers by circulation, and 5 others will pay a total of 2.2 billion yen (S$23.4 million) to buy 32 per cent of Tokyo Kikai from top shareholder Asia Development Capital (ADC).
The 106-year-old maker has been engaged in a closely watched battle with ADC, which owns about 40 per cent of the company. It won supreme court approval last year for a "poison pill" takeover defence against the investment firm.
REUTERS
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