Can use the cash to do an on market buy back. If YKE don't sell...

Can use the cash to do an on market buy back. If YKE don't sell their shares then they will have a greater percentage of the remaining shares. Results in less minority held shares which will reduce the cost of a later takeover. (Authorities may, of course, block a later full takeover by foreign company.) If this is their intent this would mean they have an incentive to keep the dividend as low as possible to keep the share price lower and allow more shares to be bought back within the nominated amount to be spent on buyback.