Morgan Stanley backs Japan MBO

Morgan Stanley's Asian private equity arm aims to acquire Japan's Ten Arrows for $105 million via a management buyout.

Morgan Stanley's private equity arm in Asia will today launch a tender offer to take control of and potentially delist Japanese lingerie retailer Ten Arrows.

Tomorrow has acquired two companies - Southern Eagle and Otto - which collectively own 27.8% of Ten Arrows. The two companies, which are currently owned by members of the Hayashi family who founded Ten Arrows, will then make a tender offer for the remaining 72.2% of the company valued...

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