RMB Capital said on Nov. 18 that Japanese action-figure and video-game company Bandai Namco should increase its offer to buy the rest of Sotsu to at least 4,600 yen a share from 3,100 yen and change the parameters of its bid to secure at least 90% of the shares before squeezing out minority owners.
The Chicago-based investment firm, which owns less than 5% of Sotsu, on Nov. 5 voiced opposition to the takeover proposal because of lack of disclosure and what it said were violations of Japanese buyout and merger guidelines. Bandai Namco on Oct. 9 announced the terms of its tender offer, which ends on Nov. 25. The company holds a 22.8% stake in Sotsu, while the founding family owns 49.2%.
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