Japanese elevator maker Fujitec will learn if its board will be overhauled after a shareholder vote on Friday, amid confrontation with an activist fund that has descended into rare personal attacks and charges of intimidation.
Its top shareholder with a 17% stake, Oasis Management, aims to replace all five outside directors of an eight-strong board with its own candidates at an extraordinary general meeting, to blunt what it claims is the founding family's undue influence.
Fujitec, a 75-year-old company with a $1.9 billion market capitalization, said it believes the ultimate objective of Hong Kong-based Oasis is full management control, which Oasis denies.