Shareholders in top cosmetics maker Shiseido Co. and major chemical maker Tosoh Corp. separately approved measures Thursday to defend against corporate takeovers.
Prior to the Shiseido vote, President Shinzo Maeda sought shareholder support for the motion, telling them a defense was necessary "to prevent raiders from undermining the value of our company and shareholders' interests."
The plan gives the board of directors the power to take defensive measures based on a determination by a three-person panel of independent advisers to be named by Shiseido.