Executives at Roland DG Corp., a Japanese maker of large-format printers, were aware of a potential acquisition offer by Brother Industries Ltd. before embarking on a management buyout with a private equity fund, raising questions over the company’s governance and board review process.
Roland DG announced on Feb. 9 that its management and Taiyo Pacific Partners LP had agreed on a tender offer for the company for ¥5,035 a share, valuing the Hamamatsu-based manufacturer at ¥61.9 billion ($411 million). Almost a month later, on March 13, Nagoya-based office-equipment supplier Brother Industries announced plans to make an unsolicited takeover bid ...
