Friday, 27 March 2015
Last updated 7 min ago
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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…