Yumeshin Holdings Co. said Friday that Hiroshi Kamada has resigned as president and left the construction management firm for personal reasons, sparking speculation that he is taking responsibility for the failed takeover bid for a construction consultancy firm.

Kamada’s resignation, effective Thursday, followed Yumeshin’s failed attempt to acquire a majority stake in Japan Engineering Consultants Co. through a public tender offer that ended earlier this month. Yumeshin Chairman Shingo Sato is doubling as president.

Yumeshin denied any link between Kamada’s departure and the failed takeover bid. The company also said it is still seeking a business alliance with Japan Engineering.

In July, the Tokyo District Court judged in favor of Japan Engineering’s plan to implement a stock split intended to defend itself from a hostile takeover bid. Yumeshin had applied for a court injunction to block the planned stock split.

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