Japanese Court Rebuffs Second Activist Hedge Fund

Nov 12 2007 | 1:29pm ET

A Japanese court has rejected a British hedge fund manager’s bid to block a portfolio company’s bond issue, making activist managers 0-for-2 in court bids this year.

Silchester International Investors had sought to prevent Autobacs Seven, a Japanese auto parts retailer, from issuing 65 billion yen ($589 million) in convertible bonds, complaining it gave the company away for too little and could dilute its 4.6% stake. But the Tokyo District Court rejected its request, filed last week. In August, Steel Partners was also rebuffed in its effort to prevent a Japanese Worcestershire sauce maker from implementing a poison pill.

Autobacs said it would go ahead with the bond sale today.

 


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of