Toshiba Machine to seek shareholders approval for takeover defence

Shibaura Machine

25/01/2020 24:16

TOKYO, Jan 25 (Reuters) - Japan's Toshiba Machine  6104.T 
said on Friday it would seek shareholders' approval if it
decides to adopt defence measures against a hostile takeover,
agreeing to demand from a prominent activist investor targeting
the molding machine company.
    The former Toshiba Corp  6502.T  unit has threatened to
implement "poison-pill" defence as investor Yoshiaki Murakami on
Tuesday launched a hostile bid of up to $235 million for control
of the company. urn:newsml:reuters.com:*:nL4N29Q0DM urn:newsml:reuters.com:*:nL4N29R1RS
    Murakami has said the implementation of such measures, which
dilute the holdings of unwanted suitors by issuing stock
warrants to existing shareholders without shareholders'
approval, is unacceptable.
    Toshiba Machine on Friday also asked Murakami to extend its
tender offer period by 30 business days as the company needs
time to evaluate its offer and prepare for a shareholders
meeting.

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