Steel Strikes First Win For Activists In Japan

May 29 2008 | 12:56pm ET

Steel Partners has struck a big blow for activist hedge funds in Japan, succeeding in ousting most of wig maker Aderans Holdings’ board of directors, including its president.

Steel’s success, the first time a Japanese company has suffered such a defeat at the hands of an activist hedge fund, comes after a year in which many hedge funds, including New York-based Steel, have been stymied in their efforts.

Seven members of the Aderans board, including President Takayoshi Okamoto, failed to win reelection at the company’s annual meeting.

Steel owns 26.7% of Aderans. It is agitating for change—usually greeted with an icy shoulder—at about 30 Japanese companies, including brewer Sapporo Holdings, confectionary Ezaki Glico and spice maker House Foods Corp.

Last year, it was condemned by a Tokyo court as an “abusive acquirer” in its hostile takeover bid for condiment maker Bull-Dog Sauce Co.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

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

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of