Japanese investment fund Unison Capital Inc. has canceled a contract with Aderans Holdings Co., Japan's largest wigmaker, to form a capital and business alliance.
Unison Capital dropped out after Aderans shareholders approved the eight board member nominees presented by top shareholder Steel Partners at a general shareholders' meeting Thursday.
Nobuo Watanabe, an ex-Aderans vice president backed by Steel Partners, became president after the meeting.
Shareholders refused to approve all of Aderans' top management proposals, accepting four nominees but rejecting three from Unison Capital.
Genichi Tamatsuka, a former president of Fast Retailing Co. who was among the four Aderans-backed nominees, resigned Monday.