The offer for Japan Land Limited at 60 cents per share by International Capital Investment has lapsed.
In an announcement released Friday, Japan Land said that valid acceptances of the International Capital offer totalled 0.32 per cent of its total share capital.
International Capital is a vehicle of Indonesian tycoon Oei Hong Leong, who made the offer at the end of July.
Independent financial advisors DMG & Partners had previously said the offer undervalued Japan Land.
This was due to untapped potential behind the investment holding company’s 0.4 per cent indirect stake in the Tokyo Stock Exchange which is looking to be listed.
Source : Channel NewsAsia – 12 Sep 2008