Activist investor calls on Toshiba Machine to put defence plans before shareholders (updated)

Shibaura Machine

22/01/2020 10:20

(Recasts with Murakami's demand for shareholders meeting)
    TOKYO, Jan 22 (Reuters) - Japan's most prominent activist
investor on Wednesday demanded Toshiba Machine Co  6104.T  hold
an extraordinary shareholders meeting to discuss its plans to
introduce defence measures against a hostile takeover.
    The demand from investor Yoshiaki Murakami came a day after
he launched a hostile bid of up to $235 million for control of
the company.  urn:newsml:reuters.com:*:nL4N29Q0DM
    Toshiba Machine has said it could adopt poison-pill measures
to fend off acquisition attempts by issuing stock warrants to
existing shareholders and diluting the holdings of unwanted
suitors.
    In a letter sent to the former Toshiba Corp  6502.T 
subsidiary on Wednesday, an investment company backed by
Murakami said the implementation of defence measures without
shareholders' approval would be "unacceptable".
    Toshiba Machine said it is examining Murakami's tender
offer.
    If the company decides to adopt the poison-pill defence
without shareholders' approval, the Murakami side would seek a
court injunction against the measures, a person with direct
knowledge of the matter said.
    Separately on Wednesday, BlackRock Inc  BLK.N  said in a
regulatory filing that the world's largest asset manager has
built a 5.12% stake in Toshiba Machine for purely investment
purposes.

 (Reporting by Makiko Yamazaki; editing by Muralikumar
Anantharaman and Jason Neely)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))