On October 23, 2021, Tokyo Kikai Seisakusho Ltd announced that shareholders approved a poison pill measure on October 22, 2021, aimed at blocking a takeover attempt by its top investor, setting up a court battle that will have sweeping implications for hostile bids in Japan. The Company stated that a majority of its shareholders approved a measure that would dilute Asia Development Capital's (ADC) 40% stake. ADC said that the Company would have lost if ADC had not been excluded, as the number of votes cast for the poison pill were fewer than those ADC could have cast alone. Now, focus will turn to the injunction and the Tokyo District Court ruling expected next week that will be the first to examine an attempt to exclude an investor from a shareholder vote on a poison pill. In addition, the Company has said ADC hurts its corporate value, while the fund argues that a ruling in the Company's favor would fly in the face of shareholder equality.