Japan’s Kirin Extends Bid for Fancl as Hedge Fund Ups Stake
- Hedge fund MY.Alpha’s voting rights at Fancl exceed 10%
- Kirin says it got adequate interest to complete tender offer
Pedestrians walk past the Japanese cosmetics and dietary supplements company FANCL logo and store in Hong Kong
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Kirin Holdings Co. extended again its deadline to buy a majority stake in Fancl Corp., as a hedge fund’s sizeable holdings in the skincare brand raised doubts about the brewer’s ability to secure control.
Kirin set a new Sept. 11 end-date for its tender offer, even as it said in an exchange filing Wednesday that it had already received enough shares of Fancl to complete the takeover bid. But shareholders are free to retract their offers anytime until the deadline.