ValueAct Capital, a U.S. investment fund, has requested that Takara Holdings call an extraordinary general meeting of shareholders and is seeking the removal of 3 outside directors.
ValueAct Capital, a U.S. investment fund, has requested that Takara Holdings call an extraordinary general meeting of shareholders. Citing prolonged underperformance and inadequate oversight of management by the board of directors, it is seeking the removal of 3 outside directors. The fund currently holds approximately 20% of Takara Holdings' shares.
The proposed removals are 3 of the 4 directors identified as candidates for removal: Riko Tomotsune (友常理子), Tomoko Kawakami (川上智子) and Takao Motomiya (本宮孝夫). At the same time, proposals will reportedly be submitted to appoint 3 new outside directors, including Eric Johnson, former president of major semiconductor materials company JSR. ValueAct is calling for stronger oversight functions by the board. Takara Holdings said it had received the request to call the meeting and would carefully review its contents before disclosing its decision.
It has also become clear that Oasis Management holds shares in Takara Holdings, with its stake reportedly standing at 5.09% as of the 7th. Activity among shareholders over the appointment of outside directors and the composition of the board is intensifying.