Court Nixes Objection to Halt of Kansai Super Market's Merger
Osaka, Nov. 26 (Jiji Press)--Kobe District Court dismissed on Friday an objection by Kansai Super Market Ltd. <9919> against a ruling ordering the suspension of the company's management integration with H2O Retailing Corp. <8242>.
Following the rejection, the western Japan-based supermarket operator announced its plan to file an appeal with Osaka High Court, saying, "It is very regrettable that our claims were not accepted."
The management integration with H2O Retailing was approved at a meeting of Kansai Super Market shareholders on Oct. 29.
Claiming that there was a problem in the vote-counting process, discount supermarket operator OK Corp., based in Yokohama, south of Tokyo, asked the district court in western Japan for an injunction to suspend the integration.
OK, a major shareholder of Kansai Super Market, aimed to block the integration at the shareholders' meeting in a bid to take control of Kansai Super Market through a tender offer.
[Copyright The Jiji Press, Ltd.]