January 25, 2020 / 12:20 AM / 2 months ago

Toshiba Machine to seek shareholders approval for takeover defence

TOKYO, Jan 25 (Reuters) - Japan's Toshiba Machine 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 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.

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below