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▼ Fuji Media To Implement Steps To Curb Activist Shareholder Influence
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Fuji Media Holdings Inc on Thursday said that it will implement measures to prevent activist shareholders from gaining control of the company.
The announcement of the anti-takeover steps comes after shareholders, including prominent investor Yoshiaki Murakami, told Fuji Media executives in meetings held between February and July that they may acquire a 33.3 percent stake in the firm, according to Fuji Media.
Such a move would give them veto power on important management decisions. As of July 1, the shareholders held a 15.06 percent stake.
"We are concerned that (they) would take action to maximize personal profit instead of for the benefit of all shareholders," Fuji Media, the parent company of Fuji Television Network Inc., said in a press release.
Fuji Media said it was planning to issue stock acquisition rights and allocate them for free when an investor acquires 20 percent or more of its shares.
The measures, aimed at reducing the stake held by activist shareholders, will require approval at the shareholders' meeting.
The company also established an independent committee comprising six outside directors.
Fuji Media has been reeling from a sex scandal involving a TV host at Fuji TV that has cost it sponsors and viewers.
The announcement of the anti-takeover steps comes after shareholders, including prominent investor Yoshiaki Murakami, told Fuji Media executives in meetings held between February and July that they may acquire a 33.3 percent stake in the firm, according to Fuji Media.
Such a move would give them veto power on important management decisions. As of July 1, the shareholders held a 15.06 percent stake.
"We are concerned that (they) would take action to maximize personal profit instead of for the benefit of all shareholders," Fuji Media, the parent company of Fuji Television Network Inc., said in a press release.
Fuji Media said it was planning to issue stock acquisition rights and allocate them for free when an investor acquires 20 percent or more of its shares.
The measures, aimed at reducing the stake held by activist shareholders, will require approval at the shareholders' meeting.
The company also established an independent committee comprising six outside directors.
Fuji Media has been reeling from a sex scandal involving a TV host at Fuji TV that has cost it sponsors and viewers.
- 12/7 19:49
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