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. Last Updated: 07/27/2016

Hostile Bid in Japan

TOKYO -- Japan's Shoei Co. said Tuesday it will fight a hostile takeover bid - the first such purely domestic battle in Japan - by trying to persuade shareholders that it has taken steps to boost profitability.

Shoei, once a maker of raw silk, said it is focusing more on its profitable real estate business and on its growing electronics manufacturing division.

The statement came a day after MAC Corp., a Tokyo-based corporate buyout fund, made a 14 billion yen ($133.4 million) bid for Shoei in what company officials and analysts said was the country's first all-domestic hostile takeover attempt.