Japan court declines to block Tokyo Kikai's poison pill defence -Kyodo
18/11/2021 06:15
TOKYO, Nov 18 (Reuters) - Japan's supreme court dismissed on
Thursday a request to block a plan by manufacturer Tokyo Kikai
Seisakusho Ltd's 6335.T to issue a poison pill, Kyodo News
said, referring to a corporate strategy to protect against a
takeover.
Tokyo Kikai can now issue new shares that would dilute the
top shareholder's stake of 40%, a measure already approved by
shareholders in a controversial vote that excluded the top
shareholder.
The decision is the first to examine a bid to exclude an
investor from a shareholder vote on a poison pill defence, and
could cast a shadow over the future of hostile takeover bids in
the world's third-largest economy.
(Reporting by Makiko Yamazaki; Editing by Clarence Fernandez)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))