TOKYO -- Midsize Japanese builder Maeda Corp. has triggered an unusual squabble within a business group, saying Monday it will launch a hostile tender offer for affiliate Maeda Road Construction.
Maeda Corp., the top shareholder in the road builder with a stake of just over 24%, aims to raise its interest to 51% and turn the unit into a consolidated subsidiary. Maeda expects to pay 86.1 billion yen ($781 million) for its increased ownership.
