Click Free Pest Control Quote
to fill in a form to obtain a free pest control quote today.
The charismatic native of a remote Japanese island, who runs a group of more than 50 small businesses ranging from termite extermination to sales of ATM machines, made headlines in February with an unsolicited offer for Solekia Ltd.
Seeking to buy 36 percent of the chip company, Sasaki claimed its relationship with Fujitsu is ruining profitability. Fujitsu made a counter-bid, triggering a rare public battle in a culture that frowns upon hostile takeovers.
“I have no problem causing friction,” Sasaki said in an interview in Tokyo. “Solekia is just the first test case.”
According to Sasaki, Fujitsu has been treating Solekia as a de facto subsidiary, despite owning just 2.3 percent of the shares. As Solekia’s biggest customer, it has been getting favorable trade terms and leaving Solekia stuck with excess inventory in tough times, he says.
Before Sasaki made his bid, Solekia traded at less than a third of its book value, and its stock had been flat for more than a decade. “That’s why I did the tender offer,” he said.
Solekia’s nine-person board, which includes four former Fujitsu executives, supported Fujitsu’s offer and opposed Sasaki’s, saying strengthening the company’s long relationship with Fujitsu should help increase customers, while Sasaki has a short-term perspective and lacks understanding of the business. A Solekia spokesman, who declined to be identified, said he had no comment beyond the company’s public statements.
“Solekia is an important partner,” Fujitsu spokesman Shinnosuke Okubo said. “We want to align our business strategy and policies, and we thought making it a subsidiary would speed up decision-making.”
After Fujitsu’s counter-offer, Sasaki raised his bid three times. It now stands at 5,300 yen, a 173 percent premium to the close on Feb. 2. Fujitsu increased its price twice, to 5,000 yen a share, and said in a statement Friday that it can’t justify going any higher. Sasaki is “seriously considering” raising his bid again, he wrote in a letter to shareholders dated Sunday that he provided to Bloomberg. If he does so, he will extend the offer period, he wrote.
Fujitsu’s tender offer runs to May 10, while Sasaki’s ends April 28. If Sasaki doesn’t increase his price, the next stage would be to check if either of them has been successful. Solekia closed at 5,250 yen on Monday, short of Sasaki’s latest bid.
“The side the board supports is often in a stronger position in Japan,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. in Tokyo. “It’s not just a matter of simple economic logic.”
While Japan has sought to improve corporate governance since Prime Minister Shinzo Abe took power in 2012, many businesses still have low returns on equity. Almost half the stocks in the Topix index trade below book value.
Despite the predominance of cheap shares, hostile takeovers have never taken root in Japan, which tends to close ranks to rebuff outsiders. Sasaki, however, disputes that his offer at Solekia is unfriendly, saying he’s not seeking control and is acting in shareholders’ interests.
“What matters is which side is able to increase profit,” said Tetsuo Seshimo, a portfolio manager at Saison Asset Management Co. in Tokyo. “Brushing aside new shareholders suggests an aversion to change. These kinds of situations may be one reason the Japanese market isn’t creating much profit.”
Whatever happens, Sasaki, who leads a group of at least 30 employees on a 10 kilometer (6.2 mile) run at 5:45 a.m. every day and competes in three 100 kilometer supermarathons a year, is adamant that Solekia won’t be a one-off event.
- Termite Spray | Termite Poison & Control Chemicals ... - March 6th, 2019
- Smithfield | Clegg's Termite and Pest Control - March 2nd, 2019
- The Best Termite Companies Near Me (with Free Estimates) - February 28th, 2019
- Pest Control Services in Indiana | Yes Pest Pros, Inc. - February 13th, 2019
- Charlotte | Clegg's Termite and Pest Control - February 12th, 2019
- Seattle Pest Control & Exterminators 206-736-7378 Guardian ... - February 3rd, 2019
- Termite Pest Control in Santa Clara County, CA - January 30th, 2019
- Ashburn, VA Exterminator, Pest Control & Termite Inspector - January 14th, 2019
- Grayson Termite & Pest Control - 109 Reviews - Pest ... - January 9th, 2019
- Bellevue Termite Exterminator - Bellevue Pest Control Pros - September 29th, 2018
- Southlake Termite Exterminator - Southlake Pest Control Pros - September 29th, 2018
- Peoria Termite Exterminator - Peoria Pest Control Pros - September 29th, 2018
- Columbus Termite Exterminator - Columbus Pest Control Pros - September 29th, 2018
- Termite Control Panama City | Termite Treatment Enterprise ... - September 29th, 2018
- 24 Best Pest Control Companies - South Plainfield NJ ... - September 19th, 2018
- How Much Does It Cost To Get Rid Of Termites? - September 16th, 2018
- Pest Control & Termite Extermination on the Delmarva Peninsula - September 6th, 2018
- Hawkeye Exterminators - Pest Control, Bed Bugs and Termite ... - May 10th, 2018
- Termites: How to Identify and Control Them | US EPA - February 5th, 2018
- Subterranean Termite Control Products - Pestmall.com - December 3rd, 2017
- Termite Control - Arrow Exterminators - November 21st, 2017
- Senate Pest Control - Senate Termite Control - November 17th, 2017
- Termite Inspection Cost - Do My Own - November 17th, 2017
- Termite Control, Extermination & Bonds by Nader's Pest Raiders - November 5th, 2017
- Termite Treatment Equipment | Shop at QSpray.com - November 5th, 2017
- Termite Control with The Termite Inspector Company - September 1st, 2017
- Su Named UF Foundation Term Professor for Outstanding Termite Research - Newswise (press release) - September 1st, 2017
- IPM Experience House Features Sentricon System - PCT Magazine - September 1st, 2017
- Termite Treatment Cost (INSPECTION & EXTERMINATION) - August 9th, 2017
- Margaret Kuo's restaurant reopens - Main Line - August 1st, 2017
- How Francis Mallmann feeds the rich and famous with food from the fire - Telegraph.co.uk - July 30th, 2017
- Rollins, Inc. Enjoys Broad-Based Growth -- The Motley Fool - Motley Fool - July 30th, 2017
- Tiger Termite & Pest Control | Eco-Friendly Pest Solutions - July 12th, 2017
- Intensive Pest Control Offers Free Termite Inspections in Fountain Valley and surrounding areas - Digital Journal (press release) - June 30th, 2017
- Termite-Tented Homes Targeted By Burglar - Patch.com - June 26th, 2017
- Marin Termite Control - Diamond Certified - June 23rd, 2017
- Cummings Termite & Pest - 480-994-9599 | #1 Pest Control Provider - June 23rd, 2017
- Milwaukee Pest Control Pros Redesigns Their Website - Digital Journal - June 20th, 2017
- Can't Tent for Termites - 7News - WSVN-TV - June 15th, 2017
- Fundraiser to be held Saturday for repairs to Oostanaula School Community Club - Northwest Georgia News - June 14th, 2017
- Lighthouse Point Termite Control - Termite Pest Control - June 12th, 2017
- Keller @ Large: Don't Mess With The Big Blue Bug - CBS Boston / WBZ - June 7th, 2017
- Digital Journal: A Global Digital Media Network - Digital Journal - June 6th, 2017
- Why Choose Pest Control Singapore - Good Herald - June 4th, 2017
- Man accused of burglarizing tented home skips out on arraignment - fox5sandiego.com - June 1st, 2017
- Termite Structural Damage - Heavy Damage from Termite ... - June 1st, 2017
- Termite & Bed Bugs Perspicacious Institute | Cockroach ... - June 1st, 2017
- Industry Mourns Loss of Norm Cooper - PCT Magazine - May 31st, 2017
- Pest Control Singapore Experts Are Opening a New Branch: Welcoming Perth Pest Control Australia - Digital Journal - May 31st, 2017
- Termite Tented Home in Carlsbad Broken Into - Times of San Diego - May 28th, 2017
- Escondido Man Burglarized Home During Termite Extermination: Police - Patch.com - May 27th, 2017
- Caught On Video: Burglar in gas mask breaks into tented home - CBS 8 San Diego - May 25th, 2017
- Burglar wearing respirator breaks into tented home - fox5sandiego.com - May 25th, 2017
- Note from the field: Bedbugs likely to continue biting - News Sentinel - May 25th, 2017
- Ipswich Pest Control Professionals Expands Service Area - MilTech - May 23rd, 2017
- Termite Control & Termite Treatment | Solutions Pest & Lawn - May 22nd, 2017
- Facts about Termites - A1 Exterminators - May 22nd, 2017
- Termite Control Gilbert / Chandler / Phoenix Metro | Magic ... - May 22nd, 2017
- Termite Control - PermaTreat Pest Control - May 21st, 2017
- Termite Control & Extermination - Arrow Exterminators - May 21st, 2017
- - www.PrimeTermite.com - May 20th, 2017
- Shawville school still waiting for answers on mystery bug bites ... - Ottawa Sun - May 20th, 2017
- Shawville school remains open despite bug bites - Ottawa Sun - May 19th, 2017
- Kellyanne Conway is a collaborator in the US's disgrace. Feminists must criticise her actions - The Guardian - May 17th, 2017
- Rollins, Inc. (ROL) Reaches $40.16 High on May, 11; Assembly Biosciences (ASMB) Shorts Down By 14.81% - NormanObserver.com - May 11th, 2017
- Carpenter Ants Infiltrating Greater Seattle Area Homes and commercial business buildings - MENAFN.COM - May 10th, 2017
- Bigfoot Pest Control Services Area Expands To Chicago and Surroundings - Digital Journal - May 8th, 2017
- Action Pest Management Is 30 Years Strong / iBerkshires.com - The ... - iBerkshires.com - May 8th, 2017
- Danielle Goh - The Middle Ground - May 8th, 2017
- Termite Extermination | Termite Control - May 7th, 2017
- Termite and Pest Control services - primetermite.com - May 7th, 2017
- The Weirdest Alternate Versions of the Guardians of the Galaxy - CBR (blog) - May 7th, 2017
- Police: 10 arrested after marijuana found by teacher in child's Easter egg basket - KOKH FOX25 - May 6th, 2017
- It pays to do work for the Workers' Party - The Middle Ground - May 6th, 2017
- Google Technology Is Helping Exterminators Kill Bugs Faster - BuzzFeed News - May 4th, 2017
- Termite Control Services Featuring The Sentricon System - April 24th, 2017
- 01 - Termite Control Overview | Mississippi State University ... - April 24th, 2017
- Home Termite Pest Control | Termite Inspections & Removal - April 24th, 2017
- 09 - Methods of Termite Control | Mississippi State ... - April 23rd, 2017
- Reviews - Los Angeles Termite Control, Los Angeles Pest Control - April 23rd, 2017
Click Free Exterminator Quote
to fill in a form to obtain a free exterminator quote today.