TOKYO, March 28 (Reuters) - The Japanese construction company targeted for takeover by the family office linked to Nintendo Co's (7974.T) founder is pushing back against the fund and has asked the government to investigate alleged breaches of foreign ownership rules.
Toyo Construction Co (1890.T), the marine construction company now 27% owned by Yamauchi-No.10 Family Office (YFO), made the request to the government this month, according to a letter seen by Reuters.
YFO has amassed most of its 27% stake through three related investment companies registered in the Cayman Islands, each of them with less than 10%.
It said the three investment vehicles were not closely related as defined by law in terms of the capital structure and that all three had different directors.
"In both the acquisition of Toyo Construction shares and the formulation of the buyout proposal, we have been in close consultation with regulators throughout.