The Japanese construction company targeted for takeover by the family office linked to Nintendo Co's founder is pushing back against the fund and has asked the government to investigate alleged breaches of foreign ownership rules.
, made the request to the government this month, according to a letter seen by Reuters.
In its letter, Toyo said its businesses are in strategically important "core sectors" - meaning that any investor is required to report to the government before acquiring a stake of 10% or more. Toyo also took issue with the way the three vehicles disclosed their investment purpose. They initially stated in regulatory filings that the purpose was "pure investment," but later included the possibility of making important proposals, Toyo said in the letter.
"In both the acquisition of Toyo Construction shares and the formulation of the buyout proposal, we have been in close consultation with regulators throughout. At no time have we received indication of any issue from regulators," it said.
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