U.S. investment firm launches unsolicited bid for Japan's Sun Corp.
NAGOYA, Japan -- U.S. investment firm True Wind Capital Management has launched a tender offer for Japanese communications equipment maker Sun Corp., it announced on Monday, aiming to acquire up to 19% of shares.
The bid is 4,400 yen ($28.04) per share, 19% higher than Friday's closing price. The purchase period will run until July 22. True Wind said the purpose of the purchase is to help boost Sun Corp.'s corporate value over the long term.