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Nippon Active Value Fund PLC on Friday said its tender offer in T&K Toka Co Ltd shares will not go ahead, as it did not meet the minimum threshold as outlined in the tender offer’s launch in early January. In January, the Japanese small-cap-focused investment trust said a minimum number of around 4.0 million shares in Toka would need to be purchased for the tender offer to proceed. Up to 4.9 million shares were offered at a price of JP¥1,300.00 per share. On Friday, it said only 2.6 million shares were tendered, meaning none of the transactions will proceed to completion. Nippon Active Value said the purpose of launching the tender offer was to ‘emphasise our wish to see Toka improving its capital allocation policy’. It added: ‘The tender offerers intend to continue to seek improvement in Toka’s capital allocation policy and to support the Toka in delivering greater shareholder value.’ Shares in Nippon Active Value were down 1.5% to 140.80 pence each in London on Friday late morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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