Hong Kong investor files injunction on NEC's JAE stake sale

NEC

26/02/2024 10:30

TOKYO, Feb 26 (Reuters) - Hong Kong-based hedge fund
Oasis Management has filed an injunction to block NEC's  6701.T 
sale of its stake in its listed unit Japan Aviation Electronics
(JAE)  6807.T , saying that the sale would inflict damage on its
shareholders.
    The injunction request was filed with the Tokyo District
Court on Feb. 20 and seen by Reuters.
    Reuters reported NEC had received multiple buyout offers
from global private equity funds for JAE before agreeing to
tender much of its 51% stake to the unit at a discount via a
tender offer.

 (Reporting by Makiko Yamazaki)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))