Goldman plays with hot tar in Japanese buyout

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Goldman plays with hot tar in Japanese buyout - JennHughes13 -

Several minority investors in roadbuilder Nippo have criticised the Sept. 7 offer Japanese oil refiner Eneos and Goldman Sachs have made to take the company private. Japan Catalyst, Hong Kong-based Oasis, Mayfair hedge fund Silchester and Orbis Investment Management have between them questioned the deal’s price, the fairness of the process and asked why no competing offers were sought.

Eneos and Goldman are offering 4,000 yen per share, a 29% premium to the undisturbed one-month average price, for the 43% of the company that Eneos does not already own. If successful, Eneos would own 50.1% and Goldman the rest. Goldman’s stake could later reach 75% via preference shares and options.An aerial view shows Sakae Kato walking Pochi, his dog that he rescued four years ago, on an empty road between restricted zones in Namie, Fukushima Prefecture, Japan, February 20, 2021.

 

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