Steel Partners Pulls Offer for Noritz

TOKYO (Reuters) – U.S. hedge fund Steel Partners said on Tuesday it had withdrawn its proposal to buy Japanese gas and water heater maker Noritz Corp (5943.T), saying the company’s shares were trading above its offer price.

Steel Partners, Noritz’s top shareholder with an 18.7 percent stake, offered to buy out the company for 42.3 billion yen ($433 million) last September. Noritz rejected the offer.

Prior to the announcement, shares of Noritz ended up 3.7 percent at 1,347 yen, 31 percent above Steel Partners’ offer of 1,025 yen. (Reporting by Taiga Uranaka)