Japan's Tsuruha mulls sale after proxy battle with Oasis - Bloomberg News (updated)
15/11/2023 03:30
(Adds details from Bloomberg News report in paragraph 2,
background in paragraph 3 and 4)
Nov 15 (Reuters) - Japan's Tsuruha Holdings Inc 3391.T
is exploring selling the entire company for about $4 billion or
even more, after a proxy battle with activist investor Oasis
Management, Bloomberg News reported on Wednesday, citing people
familiar with the matter.
Tsuruha is working with an adviser on the potential
transaction and has reached out to some private equity firms to
gauge their interest, the report said, adding that it was
looking to collect non-binding bids from potential investors as
soon as next week.
The company won a proxy battle in August against activist
shareholder Oasis Management, which was seeking to reshuffle the
board of directors. Tsuruha's shareholders had approved of 10
candidates nominated by the company and rejected five outside
director nominees backed by the investor.
Oasis had argued that the current board dominated by
founding family members could impede the company from fairly
evaluating consolidation opportunities.
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Janane
Venkatraman and Rashmi Aich)
((Gnaneshwar.Rajan@thomsonreuters.com;))