TOKYO - Tokyo Kikai Seisakusho, one of Japan's top printers of newspaper printing presses, has received approval for measures to block investment fund Asia Development Capital from acquiring the company.
In an extraordinary shareholders meeting on Friday, a majority of shareholders voted in favor of the activation of measures to prevent the acquisition.
ADC has sought an injunction against the measures to the Tokyo District Court. Whether the measures will be activated depends on the court's decision.
It was revealed in a filing submitted in July that TKS became the major shareholder of ADC. Since then ADC has kept buying TKS stocks and raised its stake to around 40% by the end of September.
TKS formulated a plan to prevent ADC from raising its stake in the company, including allocating stock acquisition rights to other stakeholders for free. The company held an extraordinary shareholders' meeting to get approval for the activation of the measure.
ADC argues that this measure is against the principles of equal treatment of shareholders. Tokyo District Court put off its decision on the matter until the shareholders' meeting was complete.