The investment fund led by Yoshiaki Murakami announced Monday that it is selling its shares in Hanshin Electric Railway Co., paving the way for Hankyu Holdings Inc.'s takeover bid for Hanshin.
Murakami, speaking at a televised news conference at the Tokyo Stock Exchange, said his fund would cooperate with Hankyu's offer to facilitate the first postwar merger of two private railways. Hankyu Holdings is the parent firm of railway operator Hankyu Corp.
Murakami went on to say the merger of the two Kansai-based railways was an option proposed by the fund and said it expects the corporate value and shareholder value of both firms to be enhanced through the tieup.