Tokyo Broadcasting investor launches activist campaign [Reuters]
TOKYO ELECTRON UNSP/ADR (TOELY)
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Source: Reuters
Tokyo Broadcasting investor launches activist campaign | Reuters Reuters Staff 3 Min Read * Asset Value Investors calls for sale of cross-holdings * Wants stake in Tokyo Electron sold down * Latest move by investors to shake up corporate governance By Simon Jessop LONDON, Oct 24 (Reuters) - A London-based investor in Japan’s Tokyo Broadcasting System Holdings (TBS) said it was pressing the company’s board to sell stakes in other companies and return the resulting windfall to shareholders. The activist campaign is the latest attempt by a western investor to overhaul corporate governance in a Japanese company, a mission shared by the government of Shinzo Abe which sees such moves as a valuable spur to economic growth. Asset Value Investors (AVI), whose 1.5 percent stake in TBS is worth around $57 million, said on Tuesday if the company fails to act, AVI was prepared to put a formal resolution to a vote at the next annual shareholders’ meeting. TBS’s biggest cross-holding is in Tokyo Ele
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