Top Court Nixes Appeals against Tokyo Kikai Takeover Defense

Society

Tokyo, Nov. 18 (Jiji Press)--Japan's Supreme Court dismissed on Thursday appeals by Asia Development Capital Co. <9318> requesting an injunction against a takeover defense measure by newspaper printing press maker Tokyo Kikai Seisakusho Ltd. <6335>.

The appeals were dismissed in a unanimous decision by the top court's Third Petty Bench.

The Supreme Court concluded that Tokyo High Court's rejection of Asia Development Capital's call for blocking the defense measure was justifiable.

On Wednesday, Asia Development Capital, a Tokyo-based investment company, submitted a written pledge to lower its equity ownership in Tokyo Kikai from the current level of some 40 pct to 32.72 pct by the end of February 2022.

Following the pledge, Tokyo Kikai said that it will withhold invoking the defense measure against the takeover bid by Asia Development Capital. Tokyo Kikai had planned to launch such a measure on Friday.

[Copyright The Jiji Press, Ltd.]

Jiji Press