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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toshiba Machine Co., Ltd.    6104   JP3592600005

TOSHIBA MACHINE CO., LTD.

(6104)
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Activist investor calls on Toshiba Machine to put defense plans before shareholders

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01/22/2020 | 05:51am EDT
A sign for BlackRock Inc hangs above their building in New York

Japan's most prominent activist investor on Wednesday demanded Toshiba Machine Co hold an extraordinary shareholders meeting to discuss its plans to introduce defense measures against a hostile takeover.

The demand from investor Yoshiaki Murakami came a day after he launched a hostile bid of up to $235 million for control of the company.

Toshiba Machine has said it could adopt poison-pill measures to fend off acquisition attempts by issuing stock warrants to existing shareholders and diluting the holdings of unwanted suitors.

In a letter sent to the former Toshiba Corp subsidiary on Wednesday, an investment company backed by Murakami said the implementation of defense measures without shareholders' approval would be "unacceptable".

Toshiba Machine said it is examining Murakami's tender offer.

If the company decides to adopt the poison-pill defense without shareholders' approval, the Murakami side would seek a court injunction against the measures, a person with direct knowledge of the matter said.

Separately on Wednesday, BlackRock Inc said in a regulatory filing that the world's largest asset manager has built a 5.12% stake in Toshiba Machine for purely investment purposes.

(Reporting by Makiko Yamazaki; editing by Muralikumar Anantharaman and Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -7.66% 407.805 Delayed Quote.-12.48%
TOSHIBA CORPORATION -0.71% 2380 End-of-day quote.-3.25%
TOSHIBA MACHINE CO., LTD. 2.68% 2146 End-of-day quote.5.20%
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Financials (JPY)
Sales 2020 114 B
EBIT 2020 2 900 M
Net income 2020 6 800 M
Debt 2020 -
Yield 2020 4,04%
P/E ratio 2020 7,46x
P/E ratio 2021 -56,4x
Capi. / Sales2020 0,45x
Capi. / Sales2021 0,52x
Capitalization 50 732 M
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Mean consensus -
Number of Analysts 1
Average target price
Last Close Price 2 102,00  
Spread / Highest target -
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Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Yukio Iimura Chairman & Chief Executive Officer
Takahiro Mikami President, COO & Representative Director
Akiyoshi Kobayashi Director, GM-Technology & Product
Shigetomo Sakamoto Representative Director & Executive Vice President
Yoshihiro Ogura Independent Outside Director
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