Tenryu Saw Mfg. Co. said Monday it will make further inquiries into Steel Partners' "unilaterally" launched takeover bid.
Tenryu, a manufacturer of circular saws for use in woodworking, is seeking answers on a range of issues, including the U.S. investment fund's policies on dividend payments, the dispatching of directors to its board, and any possible assistance the company may receive.
Tenryu shares, listed on the Jasdaq market for startups, ended the day at 5,100 yen, unchanged from Friday's close but above Steel Partner's offer price of 4,945 yen per share.
"It is difficult for the moment to judge whether we are for or against" the tender offer, because Steel Partners has not clarified its purpose or policy on managing the firm, Tenryu said in a statement. "We refrain from expressing any opinions now."
Tenryu, based in Shizuoka Prefecture, added that the buyout bid was "begun unilaterally" May 24. The fund sent a letter May 21 informing Tenryu of the TOB, which will run through July 4, the manufacturer said.
Steel Partners had a 9.04 percent stake in Tenryu as of May 23, the second-biggest after a shareholding group organized by Tenryu's employees.