White knight emerges as Kokuyo's Pentel bid turns hostile

Stationery supplier Plus triggers higher counteroffer

20191120N Stationery wars

Japanese stationery companies Kokuyo and Plus are competing to grab pieces of compatriot Pentel. (Photo courtesy of Kokuyo)

HIROKI OBAYASHI, Nikkei staff writer

TOKYO -- Japanese stationery company Plus will submit a competing offer for compatriot Pentel, emerging as a white knight that could thwart a hostile takeover by domestic leader Kokuyo.

The move drove Kokuyo to sweeten its offer Wednesday, sparking a bidding war.

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