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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.

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