Japan's Yorozu says activist fund seeks shareholder meeting
20/11/2020 12:02
TOKYO, Nov 20 (Reuters) - Yorozu Corp 7294.T said on
Friday an activist shareholder had asked the auto parts maker to
hold an extra shareholders meeting to vote on how the company
decides its takeover defence measures.
Reno, a fund associated with a prominent activist investor
Yoshiaki Murakami, had asked Yorozu that a proposal to abolish
defence measures be voted on at its annual shareholders meeting,
Yorozu said in a statement.
The move follows Yorozu's rejection last year of Reno's
request to put forward its proposal to a general shareholders
meeting, saying whether or not to abolish defence measures could
be discussed at its board meeting.
Reno is Yorozu's top shareholder with a 8.1% stake as of
March, according to Yorozu's website.
Activist investors are becoming increasing vocal in Japan
amid the government push for better corporate governance.
This month Tokyo Dome Corp, an owner of a baseball stadium
in Tokyo, accepted an activist fund's request to hold an extra
shareholders meeting to vote on a proposal to oust its top
management. urn:newsml:reuters.com:*:nL4N2HW20H
(Reporting by Junko Fujita; editing by Jason Neely)
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