How DIC came to bid for Polychrome (from Mr. Iwata's book)

In 1978, Mr. Shigekuni Kawamura was made new president of DIC with a mandate from his father-in-law and former president Kattsumi Kawamura to increase sales 13% annually and reach approx 1000 mil yen within 10 years.        He identified overseas expansion as the mean to answer  the challenge.        One product DIC had their eye on was the presensitized printing plate to supplement their ink business.        A several years back they had discussion with Hoechst to build joint venture company for production of presensitized plate in Japan.         The discussion crumbled as Hoechst wanted leadership in overall management of the joint venture company.        Just at this moment they learned that a French company Rhone Poulanc was interested in disposing their 40% holding of Polychrome shares.       DIC initiated conversation with Polychrome and agreed with Mr. Halpern that DIC would be a good partner to acquire this 40% share.           Rhone Poulanc, however,  tried to delay the discussion and then not only changed their initial plan to sell Polychrome shares but started to have a TOB (take over bid) to obtain majority of Polychrome shares.          In the TOB, Rhone Poulanc had advantage of already owning 40% but was unfriendly to the management.    On the other hand for DIC the situation was completely opposite.    TOB ended successfully for DIC at the price of $26 / share.         Mr. Iwata's note says that there was a secret meeting between Rhone Poulanc and DIC management in which only K and S Kawamura were present.         Mr. Iwata speculates the meeting may have been to discuss amicable settlement but he also suggests that this was part of Rhone Poulanc delaying tactics until they have developed their own strategy.