In their official letter to all shareholders, US Investment Fund Steel Partners urged Aderans' shareholders to vote against Aderans' board slate at the 2009 general shareholders' meeting and to reject Unison's tender offer and dilutive sale of Treasury shares. Steel Partners stated that Unison's tender offer was inadequate, coercive, and damaging to existing shareholders. Now a proxy fight is inevitable.
Since the average cost of shares held by Steel Partners is said to be around 2700 yen、it is unlikely they will compromise with Unison's 1000 yen TOB price. Additionally, this TOB is irregular in that Unison will make a TOB after various proposals are approved at the Aderans' general shareholders' meeting. It is usually vice versa.
So this is a proxy fight with one player attracting shareholders via a "TOB".
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