Tokyo Broadcasting sets June vote on activist proposal to cut crossholdings [Reuters]
TOKYO ELECTRON UNSP/ADR (TOELY)
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Source: Reuters
Tokyo Broadcasting sets June vote on activist proposal to cut crossholdings | Reuters 3 Min Read TOKYO (Reuters) - Shareholders of Tokyo Broadcasting System Holdings (TBS) will vote next month on a proposal from a London-based investor to sell down the company’s crossholdings and return the resulting proceeds to investors. Asset Value Investors, which has a 1.7 percent stake in TBS, has proposed the broadcaster sell 40 percent of its holdings in Tokyo Electron Ltd. But TBS has opposed this, saying it sees no risks given the low book value of the shares of the semiconductor manufacturing equipment maker. The vote on the proposal is on the agenda for TBS’ annual shareholders meeting in June, according to the company’s notice of convocation and a representative of Asset Value Investors. The vote comes at a time when activist investment is gaining momentum in Japan, backed by the government of Prime Minister Shinzo Abe that sees active engagement between firms and shareholders as a valuab
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