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Business deals

Nintendo heirs intervene in Toyo Construction takeover

Yamauchi family office-backed funds build 21% stake in target of Maeda's bid

Cayman Islands-registered investment funds backed by the grandson of Nintendo's founder have snapped up stock of Toyo Construction. (Screen shot of Yamauchi No. 10 Family Office's website)

TOKYO -- An investment firm managing the wealth of Nintendo's founding family has been buying up shares in Japan's Toyo Construction, according to regulatory filings, in an apparent attempt to block a takeover by industry peer Maeda.

Infroneer Holdings, Maeda's newly formed parent company, initiated a tender offer for Toyo last month, with a minimum threshold of purchasing 46.47% of outstanding shares. Principal shareholder Maeda already owns a 20.19% stake in Toyo.

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