On the 18th, the Supreme Court dismissed the petition for provisional disposition of the injunction requested by the investment company on the acquiring side over the enforcement of the takeover defense measures of the newspaper rotary press maker Tokyo Kikai Seisakusho.
Regarding Tokyo Kikai Seisakusho, which handles the turning point of newspapers, the investment company "Asia Development Capital" has become the largest shareholder by purchasing a large amount of shares and holding about 40% of the shares. Was scheduled to be activated.
Regarding this defense measure, Asia Development has filed a provisional disposition seeking an injunction, saying that it "violates the principle of shareholder equality", but on the 18th, the Supreme Court decided to dismiss the allegation of Asia Development and approved the injunction. No judgment has been confirmed.
However, in response to Asia Development's pledge to reduce its shareholding ratio on the 17th, Tokyo Kikai has decided to temporarily withhold the implementation of the defense measures scheduled for the 19th.
On the other hand, Asia Development is considering conducting a takeover bid for TOB = shares after lowering the ownership ratio, saying that it is still aiming to acquire management control, and the two companies will continue to confront each other. Is likely to continue.
Tokyo Kikai occupies 40% of the share of newspaper rotary presses, and about 40 newspaper companies nationwide have expressed concern that "it may have a significant impact on the social infrastructure that supports newspaper publishing." I did.