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

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of