TOKYO : Proxy adviser Institutional Shareholder Services Inc (ISS) has recommended that shareholders of Japan's Toyo Construction vote for six of nine director candidates backed by the family office linked to Nintendo's founder.Yamauchi-No.10 Family Office (YFO), which holds 28.51 per cent of Toyo Constru
TOKYO : Proxy adviser Institutional Shareholder Services Inc has recommended that shareholders of Japan's Toyo Construction vote for six of nine director candidates backed by the family office linked to Nintendo's founder.
The 1,000 yen per share takeover offer, however, has been resisted by the marine construction firm saying it undervalued the company even though it was higher than a 770 yen per share offer from an industry rival that Toyo Construction had endorsed at the time. "Based on the above analysis, we believe that a majority presence of the dissident nominees on the board is warranted to restore shareholder confidence and introduce the necessary governance improvements," ISS said.
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