Hostile takeover leads to new chief at Japan road builder

TOKYO — Construction company Maeda Corp. will install one of its own as the head of new subsidiary Maeda Road Construction, the target of a rare Japanese hostile bid in March.

Yasuhiko Imaizumi, now an advisor, will become president, replacing Ryozo Imaeda, Maeda Road said Thursday. 

Imaizumi was a longtime veteran of Maeda Corp. and led its building division. The appointment shows the construction company moving to unify its group leadership after a takeover that it said would help achieve a goal of winning more public infrastructure management contracts. 

Yasuhiko Imaizumi (Photo courtesy of Maeda)

Maeda Road’s vacant chairman post will be filled by Kojiro Fukuta, another former Maeda Corp. executive who became a Maeda Road adviser along with Imaizumi earlier this month.

Both Imaizumi and Fukuta will start in their new positions following Maeda Road’s general shareholders meeting on June 25.

In January, Maeda Corp. launched a tender offer to raise its stake in Maeda Road to 51% from 25%.

Maeda Road opposed the move at the time, paying a special dividend to intentionally reduce its ample cash on hand and trying to form a capital partnership with Japanese road paving leader Nippo.

But the tender offer succeeded as Maeda Corp. offered a roughly 50% premium over Maeda Road’s stock price.

Outgoing president Imaeda will become a special advisor to Maeda Road, the company said.