At Thursday's general meeting, Aderans Holdings Co.'s shareholders voted to accept the board of director candidates proposed by Steel Partners, a US investment fund. They also rejected the wigmaker's own propsal to select candidates from Unison Capital Inc., a domestic investment fund.
Aderans teamed up with Unison Capital to turn around sagging operations. Unison plans to make a TOB contingent on gaining board representation at the shareholders meeting. The wigmaker tried to win support for its board nominations by directly lobbying overseas investors and by having Unison lift its tender offer from 1000 yen to 1200 yen. But such efforts did not attract the support from shareholders, who have been frustrated with the poor performance of the company under current management. After the shareholder voting, Unison abandoned its TOB plan.
May 29, 2009
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