Aderans Co. said Friday it will make its antitakeover measures more transparent for shareholders by adding a member to its committee that decides when to implement defenses, denying the wig maker was trying thwart its biggest shareholder, Steel Partners Japan Strategic Fund of the U.S.
Japan’s largest wig maker, owned 50.75 percent by foreign investors as of February, said it will improve its special panel that decides when the company should exercise antitakeover measures by adding another member.
Aderans said the committee, which will increase to four, will get an outside director or auditor who is “completely independent from the company.”
Aderans also said it will adopt a holding-company structure Sept. 1 to increase its corporate value and to help it grow.
The shift to Aderans Holdings Co. and the change to the panel must be approved at a shareholders’ annual general meeting May 24.
Adding to the committee appears to be in response to criticism from Steel Partners. The U.S. investment fund, which held a 24.69 percent stake in Aderans as of Feb. 28, is urging the wig maker to scrap its defense measures.
“Our antitakeover steps are not intended to target Steel Partners” or certain shareholders, Aderans Chairman Takayoshi Okamoto told a news conference in Tokyo.
He said the defense measures are aimed at strengthening its corporate governance.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.