Toshiba Machine to seek shareholders’ approval for takeover defense

Japan’s Toshiba Machine said weekend it would seek shareholders’ approval if it decides to adopt defense measures against a hostile takeover, agreeing to demand from a prominent activist investor targeting the molding machine company.

 The former Toshiba Corp (6502.T) unit has threatened to implement “poison-pill” defense as investor Yoshiaki Murakami on Tuesday launched a hostile bid of up to $235 million for control of the company.

Murakami has said the implementation of such measures, which dilute the holdings of unwanted suitors by issuing stock warrants to existing shareholders without shareholders’ approval, is unacceptable. Toshiba Machine on Friday also asked Murakami to extend its tender offer period by 30 business days as the company needs time to evaluate its offer and prepare for a shareholders meeting.

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