Aderans considering going private

Struggling Japanese wig maker Aderans Holdings Co is considering going private, it was learned Tuesday. The firm has already sounded out the plan on Japanese and foreign buyout funds through its financial adviser Nikko Citigroup Ltd, sources familiar with the matter said. Some of the funds appear to have offered management buyout as an option, according to the sources.

Aderans, listed on the first section of the Tokyo Stock Exchange, has been urged to go private by U.S. investment fund Steel Partners Japan Strategic Fund (Offshore) LP, its top shareholder.

Steel Partners is expected to decide whether to sell its 26.7% stake in Aderans after examining proposals from those buyout funds, the sources said.

© JCN