Japan’s Daito shares slide 11 percent on Reuters report buyout on hold

Shares of Daito Trust Construction slid 11 percent after Reuters reported on Sept 29 that a roughly $6 billion buyout would not likely happen this year after a key lender pulled financing. Sources told Reuters that Mizuho Corporate Bank had decided to pullback from the deal, the latest sign banks are becoming more cautious amid the global credit crisis. Unison Capital and other funds orchestrating the buyout have not given up and are looking for alternative ways to push the deal through, sources said. The story triggered a research report by Merrill Lynch.