Shoei’s Biggest Shareholder Backs Higher Bids Than Hulic’s

Shoei Co.’s biggest shareholder said a takeover offer by Hulic Co. undervalues the company and it will support a higher bid for the Japanese property developer.

“We will be supportive of any other bids that come from a company with stable financing,” said Charles de Lardemelle, a partner and portfolio manager at New York-based International Value Advisers LLC, which owns about 22 percent of Shoei. “With stable financing, the company is worth a lot more being offered today.”