Shares in Japan's Ain soar after activist fund Oasis buys 9.6% stake (updated)
06/03/2024 02:30
(Updates with more background)
TOKYO, March 6 (Reuters) - Activist fund Oasis
Management has bought a 9.6% stake in Japan's Ain Holdings
9627.T , sending the pharmacy operator's shares 15% higher to
their daily limit.
Oasis could make "important proposals" to the company to
protect shareholder values, it said in a regulatory filing on
Wednesday.
The filing follows news last month that Oasis plans to sell
its 13% stake in Tsuruha Holdings 3391.T to Japanese retail
giant Aeon Co 8267.T which plans to merge the drugstore chain
with another.
Seven & I Holdings 3382.T owns 7.83% of Ain's outstanding
shares, making it the third-biggest shareholder, according to
the company's website.
The Hong Kong-based fund is active in Japan and last month
said it was opposed to Taisho Pharmaceutical's 4581.T $5
billion management buyout as it believes the acquisition price
was too low.
(Reporting by Mariko Katsumura; Editing by Edwina Gibbs)
((Mariko.Katsumura@thomsonreuters.com;))