February 27, 2020 / 6:51 AM / a month ago

Japan's Maeda Road to hold media briefing with rival amid hostile bid

TOKYO, Feb 27 (Reuters) - Japanese road builder Maeda Road Construction, a target of a hostile take over bid by its largest shareholder Maeda Corp, will hold a media briefing on Thursday with builder Nippo Ltd, the two companies said in a statement.

They did not elaborate what role Nippo would play, including whether it was a white knight.

Top management of both companies will attend the briefing that is scheduled to start at 1700 JST (0800 GMT).

Japanese construction firm Maeda Corp is running a tender offer bid to increase its stake in Maeda Road to 51% from 24.68%, which the latter has rejected. (Reporting by Junko Fujita)

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