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Business deals

Fund tied to activist Murakami starts Toshiba Machine takeover bid

Group to spend up to $235m to acquire 44% of outstanding shares

Activist investor Yoshiaki Murakami considers Toshiba Machine's defense plan "unreasonable," after it abolished anti-takeover mechanisms last year. (Nikkei montage) 

TOKYO -- A fund linked to prominent activist investor Yoshiaki Murakami on Tuesday announced a takeover bid for Toshiba Machine, looking to spend up to 25.9 billion yen ($235.4 million) to acquire 44% of outstanding shares.

Starting the same day, Tokyo-headquartered City Index Elevens will seek to purchase Toshiba Machine shares for 3,456 yen each -- 7% lower than the closing price on Monday but 11% higher than last Friday's close. The bid will run until March 4 and is contingent upon acquiring at least 14.5%.

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