101 878
Fashion Jobs
JOCKEY
Associate Manager
Permanent · FOLEY
SACK OFF 5TH
Investigator, Asset Protection
Permanent · GARDEN CITY
SACK OFF 5TH
Asset Protection Supervisor
Permanent · CHICAGO
GARMIN
Senior Project Manager Engineering
Permanent · OLATHE
GARMIN
Senior Linux Systems Administrator
Permanent · OLATHE
LEE
Traditional Youth Merchandising Specialist - Wrangler
Permanent · GREENSBORO
LEE
sr. Specialist, Inbound Logistics
Permanent ·
NEIMAN MARCUS
Loss Prevention Investigator
Permanent · HONOLULU
UNDER ARMOUR
Stock Keyholder, FT
Permanent · WOODSTOCK
UNDER ARMOUR
Coordinator, Asset Protection
Permanent · RIALTO
ALO YOGA
Operations Manager - Northpark
Permanent · DALLAS
MADEWELL
Associate Manager
Permanent · PITTSBURGH
LULULEMON
Full-Time Visual Merchandising Specialist | Miracle Plaza
Permanent · TALLAHASSEE
LULULEMON
Community Specialist | The Westchester
Permanent · WHITE PLAINS
THE REALREAL
Asset Protection Greeter - West Hollywood
Permanent · WEST HOLLYWOOD
BATH & BODY WORKS
District Manager
Permanent · ST. CLOUD
ADIDAS
Senior Manager, in-Market Brand Experience
Permanent · NEW YORK
ADIDAS
Manager Workplace Management - Spartanburg Distribution Center
Permanent · SPARTANBURG
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · DULLES
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · HURST
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · DAVENPORT
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · SPOKANE VALLEY
By
Reuters
Published
Jun 18, 2009
Reading time
2 minutes
Download
Download the article
Print
Text size

Japan's Aderans says to end anti-takeover measures

By
Reuters
Published
Jun 18, 2009

TOKYO, June 18 (Reuters) - Japan's Aderans Holdings Co Ltd (8170.T) has decided to terminate its anti-takeover defence plan, after a U.S. activist fund successfully replaced the struggling wig maker's board last month.



More than a dozen Japanese companies have scrapped "poison pill" schemes this year, including Rohm Co Ltd (6963.OS), though some analysts said such moves were unlikely to spread quickly among other firms.

In a statement released on Thursday 18 June, Aderans cited changes in its business environment among the reasons for the decision, but Nomura Securities senior strategist Kengo Nishiyama said it was more likely because of its defeat to U.S. fund Steel Partners at its annual shareholders' meeting.

"(The measures) were against Steel Partners, and they have lost meaning now that the fund effectively got control," he said.

Confectionery maker Ezaki Glico Co Ltd (2206.T) also decided last month not to seek shareholder approval to continue its defence measures. The company denied the connection but the move came after Steel Partners sold all of its stake in the company late last year.

About 570 Japanese companies have introduced poison pill schemes since around 2005, according to Nomura.

But the number of firms adopting such plans has been on the decline as companies feel less pressure than a few years ago to protect themselves given the struggles of funds and other potential aggressors amid the recession.

Electronic device maker Rohm, which last month scrapped its defence plan, said the threat of being taken over has become relatively small in the current economic climate.

Aderans, Ezaki Glico and others also said there has been more legal protection to keep takeover attempts in check since they introduced their defence schemes.

"Defence measures have not necessarily been used in the best interest of shareholders," said Nomura's Nishiyama.

"But at the same time, companies do not see compelling reasons to end them right away. So, the number of those terminating them is likely to grow but not very quickly," he said. (Reporting by Taiga Uranaka; Editing by Chris Gallagher)

© Thomson Reuters 2024 All rights reserved.