Japanet Holdings' plan to take Twinbird private has collapsed, and the two companies cannot agree on why.
Twinbird, the Tsubame-Sanjo appliance maker listed on the Tokyo Stock Exchange's Standard market under code 6897, said on September 4 that Japanet Holdings' proposal for a tender offer aimed at making Twinbird a wholly owned subsidiary has been withdrawn. Twinbird first disclosed the planned offer in a press release dated June 19. Twinbird's board resolved on August 31 to formally oppose it.
Japanet Holdings responded on September 2 with its own statement addressing Twinbird's opposition. Twinbird says that release is what made the proposal's withdrawal "clear". Twinbird also says Japanet Holdings' account of how the negotiations unfolded does not match its own understanding of events, though the company did not detail the specific discrepancies in the disclosure.
Twinbird frames the failed approach, which it says targeted its technology, product development capability and Tsubame-Sanjo manufacturing heritage, as a useful trigger for reviewing its strategy. The company points to its new medium-term management plan for 2026 to 2030, published the same day its board voted against the offer, as the path it will now pursue as a standalone listed company.
The disclosed terms describe only the intent to fold Twinbird into a wholly owned subsidiary of Japanet Holdings via tender offer; the notice does not mention a price. Twinbird's disclosure does not specify what in the negotiation record it disputes.