TOKYO -- The investment firm managing the wealth of Nintendo's founding family said Wednesday that it has decided to withdraw its tender offer for marine engineering firm Toyo Construction, ending a one-and-a-half-year struggle after failing to secure Toyo's agreement.
The Yamauchi No. 10 Family Office's (YFO) decision follows Toyo's rejection of the offer last week. Toyo cited reasons including insufficient measures to improve corporate value and the offer price of 1,255 yen ($8.73) per share, which is lower than the stock price around early December.
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