Hankyu Holdings Inc.'s tender offer for Hanshin Electric Railway Co. has the market waiting to see what Hanshin's biggest shareholder, the Murakami fund, will do next.
When Hanshin shareholders meet June 29, Murakami could take over the Osaka-based railway if rival Hankyu Corp.'s holding company fails to complete its tender by June 19. And the clock is ticking.
The Murakami fund, headed by shareholder activist Yoshiaki Murakami, has about 47 percent of Hanshin's stock. Hankyu is offering 930 yen per share, but Murakami reportedly seeks around 1,000 yen. The price meanwhile keeps rising on the Tokyo Stock Exchange, closing Wednesday at 945 yen.