K.K. DaVinci Advisors has given up its attempt to complete Japan's first hostile takeover after shareholders of commercial property landlord TOC Co. rejected its 103.3 billion yen offer.
Tokyo-based DaVinci, which runs Japan's largest real estate fund, said it won enough investor support to bring its stake to 35 percent, short of the 45 percent it was seeking. DaVinci will keep its 10 percent stake in TOC, it said in a statement Tuesday.
Japanese shares have trailed other markets in Asia this year as companies blocked takeovers and resisted demands by investors to boost dividends. While acquisitions involving Japanese companies more than doubled in the first half, they amount to just 14 percent of U.S. deals.