Namco Bandai Holdings Inc. said Friday its tender offer bid to buy more than 75 percent of German toy maker Zapf Creation AG’s outstanding shares was unsuccessful because the number of shares offered by current stockholders was far below its target.
Between June 28 and July 31, Namco Bandai, known for its Tamagotchi digital pets, tried to buy more than 6 million of Zapf’s 8 million outstanding shares for 10.50 euro a share.
But only 350,028 shares were offered, leading Namco Bandai to abandon the bid.
The toy and game maker had said it wanted to strengthen its presence in Europe by taking advantage of Zapf’s extensive marketing channels.
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