Steel Partners launches offer for Japan Tenryu Saw

TOKYO (Reuters) - U.S. hedge fund Steel Partners said on Wednesday it will launch a 27.6 billion yen ($227 million) tender offer for all the shares of Japanese circular saw maker Tenryu Saw Manufacturing Co. Ltd. (5945.Q: Quote, Profile, Research, Stock Buzz) it does not already own.

The fund plans to offer 4,945 yen per Tenryu Saw share. Its tender offer will run from May 24 to July 4.

The fund is the largest shareholder in Tenryu Saw, owning 9.04 percent of the company's shares with voting rights as of May 23.

According to filings, Steel Partners has spent 337 billion yen to take a stake of more than 5 percent in 30 Japanese companies.

Steel Partners' Japan unit Steel Partners Japan Strategic Fund will make the offer for 5,573,817 common shares in Tenryu, whose saws are used for work with wood, metal and stone.

A Tenryu spokesman said the company has not yet decided whether or not to support the tender offer.

The offer price represents a 15 percent premium over the company's closing price on May 18, the last trading day prior to the fund telling the company about the tender offer.