Major Japanese sportswear-maker Descente Ltd. said Thursday it is opposed to a bid by its top shareholder, trading house Itochu Corp., to acquire a larger stake, drawing the two firms into a rare hostile takeover battle.
Descente board members agreed their position at an extraordinary meeting. Itochu, which has had a long business relationship with Descente, made a tender offer on Jan. 31 that would raise its equity in the company from the current 30 percent to as much as 40 percent.
Holding a stake of that level would give Itochu veto power over crucial management decisions.