Key Facts
• July 10, Fuji Media Holdings announced a takeover defense strategy.
• Strategy targets increased share purchases by Nomura Aya, daughter of Murakami Yoshiaki.
• Nomura and Reno hold 15.06% of Fuji HD shares as of July 1.
• Japanese broadcasting law caps voting rights at 33.3% for specific shareholders.
• Fuji HD’s board met Nomura and Murakami multiple times from February to July.
• Nomura hinted at acquiring up to the 33.3% voting rights limit.
• U.S. fund Dalton Investments proposed splitting Fuji HD’s real estate business.
• June 25: Fuji HD’s board proposal passed at the annual shareholder meeting.
• Defense strategy includes a ‘poison pill’ to dilute specific shareholders’ stakes.
• Fuji HD fears Nomura prioritizes personal profit over shareholder interests.
• Dalton continues to engage with Fuji HD post-shareholder meeting.
• Analyst warns of potential collaboration between Reno and Dalton.
Summary
Fuji Media Holdings (Fuji HD) has introduced a takeover defense strategy in response to increased share purchases by Nomura Aya, daughter of former Murakami Fund leader Murakami Yoshiaki. As of July 1, Nomura and her investment company Reno hold 15.06% of Fuji HD shares, with Japanese law capping voting rights at 33.3%. The strategy, approved by Fuji HD’s board, includes a ‘poison pill’ mechanism to dilute specific shareholders’ stakes if their voting rights exceed 20%. This move follows concerns over Nomura’s potential acquisition of Fuji HD’s subsidiaries, including the profitable Sankei Building. Additionally, U.S. fund Dalton Investments has proposed splitting Fuji HD’s real estate business, creating further tension. Analysts highlight Fuji HD’s growing concerns over a possible collaboration between Reno and Dalton. The strategy aims to protect shareholder interests and prevent actions prioritizing personal profit.
