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Yesterday the Tokyo Supreme Court decided that it was OK for Bull-Dog sauce to issue 3 new shares for every 1 share owned by members other than its major shareholder, Steel Partners Japan, in order to dilute the holding of SPJ, which had launched a taekover bid. The Court decided that SPJ was an ‘abusive purchaser’, acting not in the interests of the company, but only for its own profits. This was the first such decision in Japan.
I don’t know much about Japanese corporate law, but it seems to me very odd to allow Bull-Dog’s TOB defence. They have clearly infringed upon SPJ’s proprietary rights, which would seem illegally oppressive. It has been suggested that the decision will put a big dent in foreign investment in Japanese business.
I’d love it if someone could explain the ‘abusive purchaser’ principle in more detail and let me know why this was allowed. Cheers.
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