Rakuten Inc. made another move to make Tokyo Broadcasting System Inc. its affiliate Wednesday when it petitioned the Tokyo District Court to order TBS to disclose its share transaction records.
The Internet shopping mall operator claims TBS has spent more than 90 billion yen on forming cross-shareholding ties with companies friendly to TBS to increase the number of friendly shareholders before its general shareholders' meeting on June 28. Rakuten is claiming the large number of cross-shareholdings is depriving others of the chance to acquire shares.
"We have come to believe (the TBS) measure to increase the number of friendly shareholders is an illegal attempt aimed at defending the interests of the TBS board of directors," Rakuten said. Rakuten is also trying to get its hands on proxy votes for the June shareholders' meeting so it can force TBS management to implement its ideas, which include appointing Rakuten President Hiroshi Mikitani as an outside board member.