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.
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