Gentosha Inc. shareholders effectively decided Tuesday to allow the major publisher’s parent firm, TK Holdings, to acquire all of its shares to make it a privately held company through a management buyout.
The move came after an overseas investment fund last year purchased a large bloc of Gentosha shares listed on the Jasdaq Securities Exchange, prompting TK Holdings, headed by Gentosha President Toru Kenjo, to acquire a 58.17 percent equity stake in the publisher through a tender offer with a view to carrying out an MBO.
The Tokyo-based publisher apparently aims to promote management reform to ride out the tough business environment amid the spread of e-books.
“I’m now keenly aware that a publisher is not destined to be a listed company,” Kenjo said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.