Japan activists seek smaller fish to fry

Dai Nippon Printing Co

07/02/2023 03:47

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Pete Sweeney
       HONG KONG, Feb 7 (Reuters Breakingviews) - With the
Toshiba campaign stuck in the mud, some investors are eying
easier prey. Elliott Management is angling for $6 bln Dai Nippon
Printing; Oasis is after a $2 bln elevator maker. If these less
ambitious campaigns don’t pay off, it’ll send gadflies back to
the drawing board.
    Full view will be published shortly.
    Follow @petesweeneypro on Twitter
    CONTEXT NEWS
    Hedge fund Elliott Management has built a "significant"
stake in Japanese automotive battery component supplier Dai
Nippon Printing, Reuters reported on Jan. 24 citing sources
familiar with the matter.
    The company, in response to questions from Breakingviews,
confirmed Elliott’s investment but declined to discuss any
details of its engagement. “We are planning a briefing in March
to present the main pillars of a new medium-term business
strategy to investors,“ it added.  
    In May 2022 hedge fund Oasis published a criticism of
governance and strategy at elevator maker Fujitec, advocating
for new outside directors, among other changes. The company
plans to hold an extraordinary shareholder meeting on Feb. 24.
 (Editing by Antony Currie and Katrina Hamlin)
 ((For previous columns by the author, Reuters customers can
click on  SWEENEY/ 
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS https://bit.ly/BVsubscribe
 | pete.sweeney@thomsonreuters.com; Reuters Messaging:
pete.sweeney.thomsonreuters.com@reuters.net))