Japanet Holdings withdrew its tender offer (TOB) proposal for Twinbird on September 2, after Twinbird’s board unanimously opposed the plan on August 31. Japanet had announced on June 19 that it would offer ¥800 per share to make the home appliance manufacturer a wholly owned subsidiary, conditional on the board’s consent. Twinbird had warned that an acquisition by Japanet, a competing mail-order operator and business partner, could jeopardize mass-retailer relationships and put ¥2.3 billion of its projected ¥3.3 billion in fiscal-year ending February 2027 mass-retailer sales at risk. The withdrawal leaves the companies’ capital relationship unchanged and allows Twinbird to pursue its medium-term policy independently, including a target price-to-book ratio of at least 1x. Hiroyuki Maki, president of Buffalo, disclosed a 6.98% Twinbird stake and said he expects the company to maximize total shareholder return, adding new focus on its shareholder-return policies and future strategy.