By Megan Cheah
One of the largest minority shareholders in Japan's MCJ is urging other investors to reject a Bain Capital Investments-sponsored buyout it says deeply undervalues the gaming personal-computer maker.
The Hong Kong branch of Maven Investment Partners, which has a near 3.0% stake in MCJ, said it doesn't intend to tender its shares, viewing the proposed offer price as deeply unfair.
In February, Bain Capital and MCJ management launched a take-private bid for the Tokyo-listed company. The offer price was set at 2,200 yen a share, implying a roughly $1.4 billion valuation using current exchange rates.
In a letter published late Wednesday, Maven said the deal appeared to be an attempt to "squeeze out minority shareholders at a deep discount to fair value." The trading and investment firm said it estimates MCJ's intrinsic value at more than 2,800 yen a share.
Maven said it had raised concerns about the terms and some governance issues with MCJ privately, but hadn't yet received a response.
MCJ didn't immediately reply to emailed requests for comment on Thursday. Bain Capital didn't immediately reply to requests for comment.
Bain Capital's bid for MCJ adds to a growing list of private-equity firms circling assets in Japan as corporations in the country become more appealing to foreign partners. These partnerships usually entail taking businesses private or spinning off noncore assets.
The government's continuing corporate governance reform push, aimed at boosting shareholder returns, enhancing capital efficiency and increasing investor engagement, has buoyed Japan's markets, catalyzing dealmaking activity.
In some cases, investors have been seeking better returns and challenging deals they believe undervalue their holdings.
U.S. activist investor Elliott Investment Management opposed a take-private deal for Toyota Industries after building a stake in the company. The offeror then revised its offer twice, and Elliott in March said it would accept the improved deal that valued the forklift maker at nearly $40 billion.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
March 19, 2026 04:47 ET (08:47 GMT)
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