Tokyo-listed Toei Reefer Line looks set to be taken private in a JPY 3.3bn ($29m) management buyout.
Toei said five leading executives have formed a company, Ocean Co, to bid for up to 5.5m shares at JPY 600 each.
The offer period ends on 11 January.
The company operates eight reefers of up to 220,000 cbf. The most modern was delivered in 2015.
